TSX Today: What to Watch for in Stocks on Thursday, March 26

The TSX extended its winning streak to three days, while mixed commodity trends and geopolitical uncertainty could shape the next move today.

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Key Points
  • Canadian equities rose for a third day, with the TSX Composite up 1.4%, led by industrials, real estate, and mining sectors amid continued geopolitical tension assessment.
  • Boralex surged 11% on news of its acquisition by Brookfield and La Caisse, while MDA Space and Birchcliff Energy declined.
  • Today, rising crude oil could boost energy stocks, but falling precious metal prices may weigh on mining stocks as investors watch U.S. jobless claims data and BRP's earnings report.

Canadian equities continued to climb for the third consecutive session as investors kept assessing the impact of ongoing geopolitical tensions on the global economy. The S&P/TSX Composite Index climbed by 441 points, or 1.4%, to settle at 32,383 — marking its first three-day winning streak in March.

While all key market sectors trended higher, the market rally was mainly driven by solid intraday gains in industrials, real estate, and mining stocks.

tsx today

Top TSX Composite movers and active stocks

Shares of Boralex (TSX: BLX) jumped 11% to $36.62 apiece, making it the top-performing TSX stock for the day. This rally in BLX stock came after the renewable energy firm agreed to be acquired by Brookfield and La Caisse in an all-cash deal.

Under the agreement, Boralex shareholders will receive $37.25 per share, representing a hefty 31.8% premium to its recent closing price and a 36.4% premium to its 30-day average. This deal values the company at an enterprise value of about $9 billion and has already received unanimous board approval, along with support from its largest shareholder.

Montage Gold, SSR Mining, and G Mining Ventures were also among the day’s top performers on the Toronto Stock Exchange, with each climbing by at least 6.8%.

However, MDA Space, Birchcliff Energy, Parex Resources, and Strathcona Resources slid by at least 2.4% each, making them the session’s worst-performing TSX stocks.

According to the exchange’s daily trade volume data, Canadian Natural Resources, TC Energy, Barrick Mining, Cenovus Energy, and Suncor Energy were the five most active stocks on the exchange.

TSX today

West Texas Intermediate (WTI) crude oil futures prices inched up in early morning trading on Thursday, but gold and silver prices resumed their downward momentum amid persistent concerns about global demand and ongoing volatility in commodity markets. The decline in precious metal prices could weigh on TSX mining stocks at the open, potentially limiting broader market gains despite strength in energy.

Meanwhile, geopolitical developments will remain in focus, as uncertainty around the U.S. strategy in the Iran conflict and the lack of progress on diplomatic solutions continue to cloud the outlook. Reports of rising tensions among U.S. lawmakers over the possibility of deeper military involvement have added another layer of caution for investors.

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

On the corporate events side, the TSX-listed BRP will announce its latest quarterly results today. Bay Street analysts expect the company to post earnings of $2.03 per share for the January quarter, with $2.33 billion in revenue.

Market movers on the TSX today

Fool contributor Jitendra Parashar has positions in Brookfield, Canadian Natural Resources, and MDA Space. The Motley Fool has positions in and recommends Brookfield. The Motley Fool recommends Brookfield Corporation, Brookfield Renewable Partners, Brp, Canadian Natural Resources, MDA Space, and Parex Resources. The Motley Fool has a disclosure policy.

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