TSX Today: What to Watch for in Stocks on Friday, May 16

The TSX Composite just hit a new all-time high and, with gains of over 2% so far this week, it’s on pace to notch its sixth straight weekly win.

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Canadian stocks climbed for the eighth consecutive session on Thursday as signs of easing global trade tensions and significantly weaker-than-expected U.S. wholesale inflation data lifted investor sentiment. The S&P/TSX Composite Index jumped by 205 points, or 0.8%, to 25,897 — marking an all-time high for the benchmark index.

Nearly all key market sectors ended the session in the green, with industrial, consumer, and real estate stocks leading the gains.

Notably, U.S. producer prices dropped 0.5% in April, reflecting their sharpest decline since the pandemic onset, driven by a record 0.7% fall in services. The surprise cooldown in wholesale inflation bolstered confidence that rate cuts could arrive sooner than expected, fueling a risk-on rally across North American markets.

tsx today

Top TSX Composite movers and active stocks

AtkinsRéalis Group (TSX: ATRL) surged by nearly 11% to $84.25 per share, making it the top-performing TSX stock for the day. This rally in ATRL stock came after the Montréal-based professional engineering and nuclear services firm posted impressive first-quarter results, marked mainly by record-breaking growth in its nuclear segment and a surge in overall profitability.

Last quarter, AtkinsRéalis’s total revenue rose 12% year over year to $2.5 billion as its nuclear revenue soared by 80% to an all-time quarterly high of $538.3 million. The company also achieved a 31% backlog increase from a year ago, pushing its total services backlog to over $20 billion with the help of robust demand for infrastructure and energy transition projects. This stellar quarterly performance prompted AtkinsRéalis to raise its full-year nuclear revenue forecast. Notably, ATRL stock has risen 58% over the last year.

MDA Space, SECURE Waste Infrastructure, and SSR Mining were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 6.6%.

On the flip side, Aya Gold & Silver, Baytex Energy, CAE, and Vermilion Energy slid by at least 4.3% each, making them the session’s worst-performing TSX stocks.

Based on their daily trade volume, Enbridge, Manulife Financial, Whitecap Resources, Baytex Energy, and Canadian Natural Resources were the five most active stocks on the exchange.

TSX today

Commodity prices broadly declined in early morning action Friday, setting a cautious tone for the TSX at the open. Nevertheless, optimism about inflation trends and trade continues to support broader investor sentiment.

As the first-quarter corporate earnings season comes to a close, investors will likely shift focus toward macroeconomic indicators and central bank commentary for fresh direction.

Overall, with over 2% week-to-date gains, the TSX Composite remains on track to end the sixth consecutive week in the green.

Market movers on the TSX today

Fool contributor Jitendra Parashar has positions in Canadian Natural Resources, Enbridge, and Mda Space. The Motley Fool recommends Canadian Natural Resources, Enbridge, Secure Waste Infrastructure, Vermilion Energy, and Whitecap Resources. The Motley Fool has a disclosure policy.

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