TSX Today: What to Watch for in Stocks on Wednesday, September 27

An overnight bullish movement in oil and gas prices could lift TSX energy stocks at the open today.

| More on:
tsx today

The selloff in Canadian stocks resumed on Tuesday following a day’s pause, as much weaker-than-expected monthly U.S. consumer confidence and new home sales numbers disappointed investors. The S&P/TSX Composite Index dived by 244 points, or 1.2%, yesterday to settle at 19,556 — its lowest closing level in three months.

While all key TSX sectors ended the session in red, the market selloff was primarily led by big losses in real estate, healthcare, mining, and technology stocks.

According to the New York-based nonprofit organization The Conference Board’s latest report, consumer confidence in the United States declined for a second consecutive month in September, with most consumers being concerned about inflation, high interest rates, and the political situation.

Top TSX Composite movers and active stocks

Westshore Terminals Investment (TSX:WTE) tanked by 10% to $25.26 per share, making it the worst-performing TSX Composite component for the session. These big losses in WTE stock came after analysts at Royal Bank of Canada downgraded their rating on the stock from “outperform” to “sector perform” and slashed the target price to $29 per share. The recent selloff trimmed Westshore’s year-to-date gains to 12.6%.

Tilray Brands, SSR Mining, Lundin Mining, and Endeavour Silver were also among the bottom performers on the Toronto Stock Exchange yesterday, plunging by at least 5.4% each.

On the positive side, MEG Energy, West Fraser Timber, and Canadian Natural Resources rose at least 2.4% each, making them the top-performing TSX stocks for the day.

Shares of K92 Mining also gained 2.1% in the last session after signing a US$100 million senior secured loan agreement with the Singapore-based global commodity trading giant Trafigura.

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

TSX today

After bouncing back from their weekly lows in the last session, West Texas Intermediate crude oil futures prices were inching up early Wednesday morning. At the same time, metals prices were largely bearish. Given these mixed signals, I expect the commodity-heavy TSX index to remain nearly flat at the open today.

While no domestic economic releases are due, investors may want to keep a close eye on the monthly durable goods orders and weekly crude oil stockpiles data from the United States this morning.

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 recommends Canadian Natural Resources, Enbridge, Tilray Brands, West Fraser Timber, and Westshore Terminals Investment Corporation. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

Data center servers IT workers
Tech Stocks

Better Buy: Shopify Stock or Constellation Software?

Let's dive into whether Shopify (TSX:SHOP) or Constellation Software (TSX:CSU) are the better options for growth investors in this current…

Read more »

nvidia headquarters with nvidia sign in front
Tech Stocks

Nvidia Just Delivered a Beat-and-Raise Quarter. There’s 1 Red Flag Investors Shouldn’t Ignore.

The chipmaker continued to benefit from robust demand for artificial intelligence (AI). But can it last?

Read more »

GettyImages-1473086836
Tech Stocks

Why Super Micro Computer Stock Is Soaring Today

The volatile stock is getting a boost from Nvidia.

Read more »

Snowflake logo in snowflake office on wall_snowflake-1
Tech Stocks

Here’s Why Snowflake Stock Skyrocketed Today

Shares of the data company are up 32% for the day.

Read more »

man touching magnifying glass button on floating search bar internet google search engine
Tech Stocks

Why Alphabet Stock Was Sliding Today

The parent company of Google is facing heat from U.S. regulators.

Read more »

chart reflected in eyeglass lenses
Tech Stocks

Top Canadian AI Stocks to Watch in 2025

Celestica (TSX:CLS) stock and another Canadian AI stock are worth watching closely this holiday season.

Read more »

Nvidia Voyager Headquarters
Tech Stocks

Why Nvidia Stock Rallied (Again) on Tuesday

The chipmaker is expected to report earnings this evening.

Read more »

hand stacking money coins
Tech Stocks

3 Growth Stocks That Are Screaming Buys in November

The market might be soaring, but there are still lots of deals to be had. Here are three discounted stocks…

Read more »