TSX Today: What to Watch for in Stocks on Friday, April 28

Besides economic data, corporate results will remain on TSX investors’ radar today.

| More on:
tsx today

The Canadian stock market bounced back nicely on Thursday to post its biggest single-day gains in more than three weeks, as upbeat Wall Street tech earnings reports boosted investors’ confidence. With this, the S&P/TSX Composite Index jumped 156 points, or 0.8%, to 20,523, despite the release of weak U.S. GDP (gross domestic product) and home sales data.

While all main market sectors ended the session in green territory, steep gains in healthcare, banking, and metal mining shares primarily led the index up.

Top TSX Composite movers and active stocks

Spin Master (TSX:TOY) soared more than 12% to $38.05 per share after National Bank of Canada upgraded its rating on the stock to “outperform.” Investors welcomed this upgrade as the Toronto-headquartered children’s toys maker is gearing up to announce its first-quarter results next week on May 3. In the quarter ended in March 2023, Bay Street analysts expect Spin Master to report a net loss of US$0.07 per share with US$268.3 million in revenue. Year to date, TOY stock is now up 14.2%.

Tilray Brands, Mullen Group, Boyd Group, and Energy Fuels were also among the top gainers on the Toronto Stock Exchange yesterday, as they inched up by more than 4% each.

In contrast, Bombardier (TSX:BBD.B) dived by nearly 5% to $61.38 per share, despite its massively stronger-than-expected first-quarter earnings. In the March quarter, the Canadian business jet manufacturer’s revenue rose 16.6% to US$1.45 billion with the help of a favourable delivery mix and strength in its aftermarket segment.

With this, Bombardier posted US$1.06 per share in adjusted earnings against analysts’ estimate of US$0.14 loss per share. Given the continued strength in its financial growth trends, this dip could be an opportunity for long-term investors to buy Bombardier stock at a bargain, which currently trades with 17.4% year-to-date gains.

Celestica, Allied Properties REIT, and Secure Energy were also among the bottom performers, as they plunged by at least 4.3% each on April 27.

Based on their daily trade volume, Enbridge, Suncor Energy, TC Energy, and Cenovus Energy were the most active stocks on the exchange.

TSX today

Commodity prices were largely mixed early Friday morning, pointing to a flat open for the resource-heavy TSX index today. Besides Canada’s monthly GDP growth numbers, investors may also want to monitor the personal consumption expenditure data from the U.S. market this morning.

On the corporate events front, TSX-listed companies like Imperial Oil, TC Energy, and Cameco are expected to announce their quarterly results on April 28.

Market movers on the TSX today

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 has positions in and recommends Mullen Group and Spin Master. The Motley Fool recommends Boyd Group Services and Enbridge. 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

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 »

cloud computing
Dividend Stocks

Insurance Showdown: Better Buy, Great-West Life or Manulife Stock?

GWO stock and MFC stock are two of the top names in insurance, but which holds the better outlook?

Read more »

Man looks stunned about something
Dividend Stocks

Better Long-Term Buy: Dollarama Stock or Canadian Tire?

Both of these Canadian stocks have proven to be solid long-term buys, but which is better for the average investor?

Read more »

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 »