TSX Today: What to Watch for in Stocks on Wednesday, May 21

With a 10-day surge, the TSX Composite has notched its longest winning streak in over three-and-a-half years and is now sitting at a new all-time high.

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Strengthening metals prices and improving economic outlook amid easing trade tensions drove Canadian stocks up for the 10th consecutive session on Tuesday — marking their longest winning streak since October 2021. The S&P/TSX Composite Index advanced by 84 points, or 0.3%, to 26,056 — crossing and closing above the key 26,000 level for the first time in history.

Even as sectors like technology and real estate witnessed profit-taking, a rally in mining, consumer discretionary, and utility stocks more than offset the drag, taking the TSX to new heights.

tsx today

Top TSX Composite movers and active stocks

Nearly a 1.8% intraday jump in spot gold prices drove mining stocks like New Gold, B2Gold, Equinox Gold, and Eldorado Gold up by at least 7.7% each, making them the top-performing TSX stocks for the day.

Shares of Dundee Precious Metals (TSX: DPM) also climbed by 2.5% to $19.33 apiece after the Toronto-based mining firm confirmed it is in talks to potentially acquire Adriatic Metals. The announcement followed press speculation and was made under the U.K.’s takeover code, though DPM emphasized that no firm offer has been made.

Dundee has until June 17 to decide whether to proceed. Investors welcomed the news of a potential deal that could broaden DPM’s global footprint — though there’s no certainty that an offer will materialize. On a year-to-date basis, DPM stock is now up 48.2%.

On the flip side, Tilray, Ivanhoe Mines, Aecon, and Shopify were the day’s worst-performing TSX stocks, with each sliding by at least 4.4%.

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

TSX today

West Texas Intermediate crude oil futures surged early Wednesday after CNN reported heightened geopolitical risks in West Asia, citing new U.S. intelligence suggesting Israel is preparing for a potential strike on Iranian nuclear sites. Meanwhile, metals prices were also inching up. Given these developments, the TSX could see another leg higher at the open today, with energy and mining stocks poised to lead the way.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest U.S. crude oil stockpile data this morning.

Market movers on the TSX today

Fool contributor Jitendra Parashar has positions in Canadian Natural Resources, Enbridge, and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends B2Gold, Canadian Natural Resources, Enbridge, Tilray Brands, Tourmaline Oil, and Whitecap Resources. The Motley Fool has a disclosure policy.

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