TSX Today: What to Watch for in Stocks on Thursday, May 1

Falling commodity prices could pressure the TSX at the open today as the key focus remains on more corporate earnings.

| More on:

Canadian equities closed slightly lower on April’s final trading day, as weaker commodity prices and disappointing GDP (gross domestic product) figures from both the U.S. and Canada dampened investor sentiment despite largely upbeat corporate earnings. As a result, the S&P/TSX Composite Index slipped by 33 points, or 0.1%, to 24,842.

Although consumer, utilities, and real estate sectors traded positively, weakness in energy and technology stocks pressured the broader market. With this, the TSX ended April with a minor loss of 0.3%.

Notably, Canada’s GDP contracted by 0.2% in February, dragged lower by declines in energy, construction, and real estate sectors, while the U.S. economy unexpectedly shrank at an annualized rate of 0.3% in the first quarter due to rising imports and lower government spending.

tsx today

Top TSX Composite movers and active stocks

Ivanhoe Mines, Vermilion Energy, International Petroleum, and NGEx Minerals were the worst-performing TSX stocks for the day, with each diving by at least 4.4%.

In contrast, New Gold (TSX: NGD) jumped over 19% to $5.49 per share, making it the day’s top-performing TSX stock. This rally in NGD stock followed the Toronto-headquartered gold miner’s better-than-expected first-quarter results.

Last quarter, New Gold’s revenue grew by 8.8% year over year as it posted a free cash flow of US$25 million, backed by higher gold prices and strong gold and copper production, especially from its New Afton mine. Investors also seemed encouraged by the company’s completion of key refinancing and consolidation moves, including its full acquisition of the remaining free cash flow interest in the New Afton mine. On a year-to-date basis, NGD stock is now up 53%.

Gildan Activewear, Badger Infrastructure Solutions, and Orla Mining were also among the session’s top gainers on the Toronto Stock Exchange as they jumped by at least 4.8% each.

According to the exchange’s daily trade volume data, Enbridge, Bank of Montreal, Whitecap Resources, Manulife Financial, and TD Bank were the five most active stocks.

TSX today

Crude oil, gold, and silver prices extended their losses for the fourth day in early trading on Thursday, which could put renewed pressure on the commodity-heavy TSX index at the open today.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest weekly jobless claims and monthly manufacturing numbers from the U.S. market this morning.

As the ongoing earnings season continues in full swing, several TSX-listed companies, including ARC Resources, Fairfax Financial, Aritzia, Capstone Copper, Trisura, Canadian National Railway, Eldorado Gold, Pason Systems, Thomson Reuters, Cameco, Bombardier, TC Energy, and AltaGas, will announce their latest quarterly results today. These results will likely draw investors’ attention across multiple sectors and keep the market volatile.

Market movers on the TSX today

Fool contributor Jitendra Parashar has positions in Aritzia, Bank Of Montreal, Enbridge, and Toronto-Dominion Bank. The Motley Fool has positions in and recommends Aritzia, Fairfax Financial, Pason Systems, and Trisura Group. The Motley Fool recommends Cameco, Canadian National Railway, Enbridge, International Petroleum, Vermilion Energy, and Whitecap Resources. The Motley Fool has a disclosure policy.

More on Stock Market

holding coins in hand for the future
Dividend Stocks

3 Dividend Stocks Built to Keep Paying Through Any Market Condition

These three dividend stocks offer reliable cash flow, and strong records of rewarding shareholders through changing markets.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, September 4

TSX investors will closely watch Canadian and U.S. jobs data today for fresh economic signals, while developments in the U.S.-Iran…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, September 3

Rising crude oil and metals prices could lift the TSX at the open today, while investors monitor U.S. economic data,…

Read more »

Canada national flag waving in wind on clear day
Top TSX Stocks

3 Top Canadian Defence Stocks to Buy Right Now

Geopolitical tensions and NATO commitments are fueling growth for these top Canadian defense stocks insulated from U.S. trade barriers.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, September 2

After suffering its biggest single-day percentage decline since June, the TSX could see a cautious start today as investors await…

Read more »

Young adult concentrates on laptop screen
Dividend Stocks

The 3 Canadian Stocks I’d Tell a New Investor to Buy ASAP

These three Canadian stocks give new investors dividend income, resilience, and long-term growth across utilities, railways, and bank stocks.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, September 1

Falling metals prices could weigh on the TSX benchmark at the open today, while fresh U.S. economic data and a…

Read more »

hand stacks coins
Dividend Stocks

IMO, These Are the Best Canadian Dividend Stocks to Buy Now

These are three of the best Canadian dividend stocks to buy now for reliable income, defensive businesses, and long-term upside.

Read more »