TSX Today: What to Watch for in Stocks on Friday, November 10

Renewed expectations of more interest rate hikes and corporate earnings are likely to keep the TSX index volatile today.

| More on:
tsx today

Canadian stocks traded on a slightly positive note on Thursday after consistently sliding in the previous three sessions. On the one hand, rebounding metals prices and largely better-than-expected corporate results boosted investors’ confidence. On the other hand, the Federal Reserve chair Jerome Powell’s remarks that the Fed committee is not confident the monetary policy is currently “sufficiently restrictive” to cool down inflation to a 2% target reignited fears of more interest rate hikes. These fears were the key reasons why, despite rallying by as much as 261 points in intraday trading, the S&P/TSX Composite Index ended the session with minor 57 points, or 0.3%, gains at 19,587.

Even as market sectors like mining, energy, and utilities posted healthy gains, big losses in healthcare, real estate, and tech stocks restricted the main TSX benchmark’s upward movement.

Top TSX Composite movers and active stocks

Stelco Holdings (TSX:STLC) jumped by 12.5% to $42.24 per share, making it the top-performing TSX stock for the day. This rally in STLC stock came a day after the Hamilton-headquartered steelmaker announced its stronger-than-expected third-quarter results.

In the quarter ended in September 2023, Stelco’s revenue fell 8.3% YoY to $776 million due mainly to weaker prices and lower shipping volume but exceeded Street analysts’ expectations of $727 million. While a decline in revenue figures and increased cost of goods drove the company’s adjusted quarterly earnings down by 42.5% from a year ago to $1.38 per share, its earnings still beat Street’s expectation of $1 per share by a wide margin. The recent rally in STLC stock trimmed its year-to-date losses to 4.6%.

First Quantum Minerals, NexGen Energy, and Russel Metals were also among the top performers on the Toronto Stock Exchange yesterday, as they inched up by more than 6% each.

In contrast, Wesdome Gold Mines, Bombardier, Linamar, and Tilray Brands dived by at least 4.9% each, making them the worst-performing TSX stocks for the day.

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

TSX today

After consistently falling for several days, crude oil and natural gas prices staged a minor recovery early Friday morning, which could lift TSX energy stocks at the open today. While no major economic releases are due, Canadian investors will continue to focus on more corporate earnings and adjust their positions based on renewed expectations of more interest rate hikes, adding to the market volatility.

Several TSX-listed companies like Filo Mining, Onex, Boyd Group Services, Emera, Algonquin Power & Utilities, and SNC-Lavalin Group are expected to announce their latest quarterly results on November 10.

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 Boyd Group Services, Canadian Natural Resources, Emera, Enbridge, Linamar, Russel Metals, and Tilray Brands. 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

nugget gold
Metals and Mining Stocks

Is Franco-Nevada Stock a Buy for its 1.06% Dividend Yield?

A top gold stock with a modest yield is a buy for its lengthy dividend-growth streak.

Read more »

todder holds a gold bar
Metals and Mining Stocks

Canadian Mining Stocks: Buy, Sell or Hold?

Investing in quality gold mining stocks that trade at a reasonable valuation could help you beat the TSX index over…

Read more »

People walk into a dark underground mine.
Metals and Mining Stocks

Is First Quantum Minerals Stock a Buy?

Let's dive into whether First Quantum Minerals (TSX:FM) is worth buying at current levels, or if investors should sit this…

Read more »

nugget gold
Metals and Mining Stocks

Competitive? Beat the Market With These 2 Dividend-Paying Growth Gems

Investors looking to beat the market buying dividend stocks right now need to focus on this right sectors. Here are…

Read more »

nugget gold
Metals and Mining Stocks

A Canadian Billionaire Investor Sold Micron Stock and Bought This TSX Company Instead

Prem Watsa focuses on value over short-term growth.

Read more »

Concept of multiple streams of income
Metals and Mining Stocks

Is Franco-Nevada Stock a Buy for Its 1.2% Dividend Yield?

Gold royalty stocks represent a niche in the precious metals industry. They have different dynamics from mining stocks.

Read more »

todder holds a gold bar
Metals and Mining Stocks

The 1 Mining Stock Canadians Should Buy and Hold Forever

Newmont is a gold mining stock that trades at a cheap valuation, making it a top investment choice for those…

Read more »

Metals and Mining Stocks

Top Canadian Gold Stocks to Buy Now

Canadian gold mining stocks such as Barrick Gold and Kinross Gold are two top investments in October 2024.

Read more »