TSX Today: What to Watch for in Stocks on Monday, July 18

TSX stocks are likely to open higher today with the help of a recovery across the commodity markets and bullish movement in key global stock indexes.

| More on:
TSX Today

Canadian stocks turned slightly positive on Friday, as a recovery in oil and silver prices helped some commodity-linked stocks inch up. The TSX Composite Index rose by 65 points, or 0.4%, in the last session to 18,394, breaking its five-day long losing streak. While all key sectors on the market benchmark, except consumer cyclicals and energy, ended the day in red, shares of cannabis and utilities companies plunged sharply.

With this, the main Canadian market gauge continued to underperform the S&P500 for a second consecutive day, which rose by 1.9% on July 15 after the release of stronger-than-expected U.S. retail sales numbers.

Top TSX movers and active stocks

Cannabis stocks like Tilray Brands, Canopy Growth, Aurora Cannabis, and Cronos Group witnessed heavy selling and dived by at least 7% each on Friday — making them among the worst-performing shares on the exchange. This sharp cannabis sector-wide selloff came a day after a news report about the marijuana legalization bill triggered a buying spree in most pot stocks in the previous session.

Shares of Wesdome Gold Mines (TSX:WDO) plunged by 10.3% to $9.76 per share in the last session as the Canadian gold miner’s disappointing second-quarter production results hurt investors’ sentiments. In Q2, several one-time operational issues affected Wesdome Gold’s overall production. The company also plans to re-evaluate its 2022 production guidance and announce it on August 10, along with its Q2 financial results. WDO stock now trades with 15% year-to-date losses.

On the positive side, Methanex, Boyd Group Services, Vermilion Energy, and Precision Drilling were the top-performing TSX stocks, as they rose by more than 5% each.

Based on their daily trade volume, Canadian Natural Resources, TD Bank, Cenovus Energy, and Enbridge were the four most traded stocks on the Toronto Stock Exchange.

TSX today

Early Monday morning, commodity prices across the board were staging a healthy recovery. Similarly, most key Asian and European stock indexes have also started the week on a bullish note. Given these positive indications, I expect the TSX Composite benchmark to open sharply higher than its previous closing today. While no major economic releases are due today, investors may still want to remain cautious before the release of the Canadian inflation data scheduled for Wednesday.

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.

The Motley Fool recommends CDN NATURAL RES, Enbridge, METHANEX CORP, and VERMILION ENERGY INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

Concept of multiple streams of income
Stocks for Beginners

Lock Up This 9.2% Dividend Yield From a Top Royalty Stock

Royalty stocks have a strong advantage when it comes to creating passive income for investors. But this one has the…

Read more »

Safety helmets and gloves hang from a rack on a mining site.
Metals and Mining Stocks

Is First Quantum Minerals Stock a Good Buy Right Now?

First Quantum is a TSX stock that trades 61% below all-time highs. However, the mining stock still trades at a…

Read more »

nugget gold
Metals and Mining Stocks

The Best Gold Stock to Invest $1,000 in Right Now

Here are two of the best Canadian gold stocks that can yield some eye-popping returns in the long run.

Read more »

nugget gold
Stocks for Beginners

The Ultimate Mining Stock to Buy With $1,000 Right Now

This mining stock just saw a drop, but don't let that keep you from diving in. This miner is due…

Read more »

A plant grows from coins.
Metals and Mining Stocks

Canadian Mining Stocks: Buy, Sell, or Hold?

Explore 2025’s top Canadian mining stocks – gold, uranium, and base metals offer big potential in a dynamic, commodity-driven market.

Read more »

farmer holds box of leafy greens
Metals and Mining Stocks

3 Reasons to Buy Nutrien Stock Like There’s No Tomorrow

Nutrien stock has lost 34% of its value just this year alone and looks incredibly cheap today. Yet, secular trends…

Read more »

Canada national flag waving in wind on clear day
Tech Stocks

Trump Trade: Canadian Stocks to Watch

With Trump returning to the presidency, there are some sectors that could boom in Canada, and others to watch. But…

Read more »

Super sized rock trucks take a load of platinum rich rock into the crusher.
Metals and Mining Stocks

Invest $7,000 in This Dividend Stock for $672 in Passive Income

High yield can be an essential requirement when you need to start even a modestly sized passive income with a…

Read more »