TSX Today: What to Watch for in Stocks on Tuesday, November 8

Macroeconomic updates and corporate earnings continue to drive TSX stocks.

| More on:
TSX Today

The stock market in Canada continued to inch up for the second consecutive session on Monday, even as commodity prices turned negative. The TSX Composite Index went up by 96 points, or 0.5%, for the session to 19,546 — its highest closing level in about seven weeks. While the healthcare and utility stocks traded on a negative note, real estate, industrials, and technology sectors helped the main TSX benchmark rise ahead of the key U.S. inflation numbers scheduled to be released later this week.

Top TSX movers and active stocks

Summit Industrial Income REIT (TSX:SMU.UN) popped by 25.5% yesterday to $22.50 per share, making it the top-performing TSX stock for the day. This massive rally in Summit’s stock came after it entered an agreement to be acquired by a joint venture, including Singapore-based investment firm GIC and Dream Industrial REIT (TSX:DIR.UN). Summit Industrial’s shareholders will receive a cash consideration of $23.50 per share for this all-cash transaction, which is expected to close in the first quarter of 2023 after obtaining regulatory approvals. After yesterday’s sharp gains, Summit stock now trades with 4.3% year-to-date losses.

SilverCrest Metals, Uni-Select, and BlackBerry were also among the top performers on November 6, as they jumped by more than 8% each.

On the flip side, Ritchie Bros Auctioneers (TSX:RBA) tanked by 17.7% to $69.16 per share after announcing its third-quarter results and a deal to acquire IAA Inc — an American digital marketplace for commercial assets and vehicles. While Ritchie’s latest quarterly revenue and earnings exceeded analysts’ estimates, its intentions to acquire IAA in a deal worth about US$7.3 billion seemingly took a toll on investors’ sentiments. RBA stock now trades with 10.7% year-to-date losses.

Cronos Group, TELUS International, and Dye & Durham were also among the worst-performing TSX stocks, as they dove by at least 8% each.

Based on their daily trade volume, Enbridge, Suncor Energy, Barrick Gold, and Summit Industrial Income REIT were the most active stocks on the Canadian exchange.

TSX today

Commodity prices, especially metals, were trading on a negative note early Tuesday morning, pointing to a lower open for the main TSX index with expected losses in the shares of mining companies. Although no major economic releases are due today, I expect stocks to remain volatile, as investors remain focused on the ongoing corporate earnings season.

Canadian companies, including Element Fleet Management, Converge Technology Solutions, Intact Financial, IAMGOLD, SSR Mining, TransAlta Corp, Endeavour Silver, Maple Leaf Foods, and Freehold Royalties are expected to release their latest quarterly results on November 8.

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 DREAM INDUSTRIAL REIT, Enbridge, FREEHOLD ROYALTIES LTD., INTACT FINANCIAL CORPORATION, Ritchie Bros. Auctioneers, Ritchie Bros. Auctioneers Incorporated, SUMMIT INDUSTRIAL INCOME REIT, and TELUS International (Cda) Inc. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stocks for Beginners

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins
Dividend Stocks

How to Use Your TFSA to Earn Ultimate Passive Income

If you have a TFSA, then you have the key to creating ultimate passive income. All you need is a…

Read more »

Hourglass and stock price chart
Dividend Stocks

Goeasy Stock: Is It Heading for a 52-Week High?

Goeasy stock has been edging higher, especially after another record-setting earnings report. So are 52-week highs in sight?

Read more »

bulb idea thinking
Stocks for Beginners

2 Stocks That Could Help You Get Richer in 2025

It’s time to prepare for 2025 before you leave for the holidays. Here are two stocks that could make you richer…

Read more »

Middle aged man drinks coffee
Stocks for Beginners

The Best Investment Hack Every Investor Should Know

An investment hack doesn't have to be risky, tricky, or any of those scary ideas. In fact, it can be…

Read more »

Investor reading the newspaper
Stocks for Beginners

A Better Post-Earnings Buy: Restaurant Brands or Lightspeed?

These two retail stocks have come out with earnings, but which is the clear long-term winner for investors?

Read more »

a person watches a downward arrow crash through the floor
Dividend Stocks

3 Everyday CRA Red Flags Investors Should Really Know

The CRA can be a blessing and a curse, but if you make sure to follow the rules and not…

Read more »

Train cars pass over trestle bridge in the mountains
Dividend Stocks

Canadian National Railway Stock is on Sale: Why Now is the Time to Invest

CNR stock has long been a top stock, with a solid position in a railway duopoly. But right now is…

Read more »

ETF stands for Exchange Traded Fund
Dividend Stocks

This 7.9% Dividend Stock Pays Cash Every Month

We all want dividends, and having them come out monthly is ideal! But this might be a strong choice for…

Read more »