TSX Today: What to Watch for in Stocks on Thursday, October 12

TSX investors will closely monitor the monthly U.S. consumer inflation report this morning.

| More on:
tsx today

The Canadian equities market continued to climb for the fourth consecutive session on Wednesday, despite the release of hotter-than-expected wholesale inflation numbers, as the Fed’s September meeting minutes hinted that the latest round of interest rate hikes might be near an end. The S&P/TSX Composite Index advanced by 163 points, or 0.8%, yesterday to 19,664, its highest closing level in over two weeks.

Even as healthcare stocks slid down in the last session, healthy gains in other key market sectors like utilities, consumer cyclicals, and real estate helped the TSX benchmark remain positive.

The latest FOMC (Federal Open Market Committee) meeting minutes revealed how “a majority of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate, while some judged it likely that no further increases would be warranted.”

Top TSX Composite movers and active stocks

Spin Master, Silvercrest Metals, Eldorado Gold, and Cogeco Communications were the top-performing TSX stocks, gaining more than 4% each.

In contrast, shares of Denison Mines (TSX:DML) dived nearly 10% to $2 per share, trimming its year-to-date gains to 29%. This selloff in DML stock came a day after the Toronto-based uranium company announced a bought deal offering.

In a press release, Denison told investors it had struck a deal with Cantor Fitzgerald Canada for a bought deal offering of 37 million shares at US$1.49 per share, totalling around US$55.13 million. Also, an over-allotment option could potentially bring in up to about US$8.27 million more if exercised by October 16, 2023. DML plans to use the offering’s proceeds to advance the proposed Phoenix in-situ recovery uranium mining operation, exploration, evaluation, and general corporate needs.

Lithium Americas (Argentina), Lithium Americas, and Bausch Health Companies were also among the worst performers on the Toronto Stock Exchange yesterday, as they plunged by at least 4.7% each.

Based on their daily trade volume, Toronto-Dominion Bank, Canadian Natural Resources, Suncor Energy, and TC Energy were the most active stocks on the exchange.

TSX today

After witnessing a sharp rally earlier this week due to the Israel-Hamas conflict, West Texas Intermediate crude oil futures prices eased sharply in the last session. Despite continued sideways movement in oil, most other commodities, especially natural gas and metals, were trading on a firm note early Thursday morning, pointing to a slightly higher open for the TSX benchmark today.

While no domestic economic releases are due, Canadian investors will closely monitor the monthly consumer inflation report, weekly jobless claims, and crude oil stockpiles from the United States this morning, which could give further direction to TSX stocks.

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, Cogeco Communications, and Spin Master. The Motley Fool has a disclosure policy. 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 »