TSX Today: What to Watch for in Stocks on Thursday, November 28

With the TSX trading at record highs, activity may stay quiet today as U.S. markets are closed for Thanksgiving.

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tsx today

After going sideways early in the week, Canadian stocks regained their upward momentum on Wednesday as the latest U.S. GDP (gross domestic product) quarterly growth and personal consumption expenditure data came in line with expectations. The S&P/TSX Composite Index rose 83 points, or 0.3%, to settle at 25,488, posting a fresh all-time high on a closing basis.

Although continued weakness in commodity prices weighed on mining and energy stocks, solid gains in most other key market sectors, including healthcare, consumer, and utilities, pushed the TSX benchmark higher to a record high.

Top TSX Composite movers and active stocks

Parkland (TSX:PKI) jumped by over 5% to $36.07 per share, making it the top-performing TSX stock for the day. This rally in PKI stock came after the Calgary-based fuel distributor and convenience retailer announced a new normal course issuer bid, allowing it to repurchase up to 13.8 million shares, or 10% of its public float, between December 1, 2024, and November 30, 2025.

With this move, Parkland plans to return capital to shareholders as it believes its current market valuation undervalues the company. This announcement follows the company’s previous share-buyback program, under which it repurchased 3.1 million shares at an average price of $42.67 each. Despite recent gains, PKI stock remains down 15.5% on a year-to-date basis and offers a 4.1% annualized dividend yield.

Orla Mining, Alimentation Couche-Tard, and International Petroleum were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 3.6%.

In contrast, Celestica, Bombardier, Interfor, and Cargojet slipped by at least 2.2% each, making them the session’s worst-performing TSX stocks.

Based on their daily trade volume, Suncor Energy, Toronto-Dominion Bank, Enbridge, Manulife Financial, and Sun Life Financial were the five most active stocks on the exchange.

TSX today

Crude oil, natural gas, and metals prices were largely bearish early Thursday morning, pointing to a slightly lower opening for the commodity-heavy main TSX index today.

While no major domestic economic events are scheduled this morning, the U.S. market will remain closed today for Thanksgiving. As a result, trading activity on the TSX may remain subdued, with investors likely focusing on sector-specific developments and company announcements.

Market movers on the TSX today

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Jitendra Parashar has positions in Alimentation Couche-Tard, Celestica, Enbridge, and Toronto-Dominion Bank. The Motley Fool has positions in and recommends Alimentation Couche-Tard and Cargojet. The Motley Fool recommends Enbridge, International Petroleum, and Parkland. The Motley Fool has a disclosure policy.

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