TSX Today: What to Watch for in Stocks on Thursday, November 30

The main TSX index remains on track to end November on a strong bullish note, as it has already risen 6.6% month to date.

| More on:
tsx today

The Canadian equities market remained bullish on Wednesday after the release of stronger-than-expected U.S. quarterly GDP (gross domestic product) growth numbers confirmed that the recent aggressive monetary policy tightening hasn’t so far severely affected economic growth. Even as the third-quarter GDP data also worried some investors about more interest rate hikes, the S&P/TSX Composite Index rose 79 points, or 0.4%, yesterday to settle at 20,116, recovering from its lowest levels in over a week.

Although utility and technology stocks witnessed weakness, robust gains in other key market sectors like healthcare, financials, and industrials drove the main TSX index upward.

Top TSX Composite movers and active stocks

Osisko Mining, Filo, Wesdome Gold Mines, and Brookfield Asset Management were the top-performing TSX stocks in the last session, climbing by more than 4% each.

In contrast, First Quantum Minerals (TSX:FM) dived by over 10% to $11.36 per share, making it the worst-performing TSX stock for the day. This selloff in FM stock came after its chief financial officer Ryan MacWilliam said during the Scotiabank conference that “it is too early and challenging to bring a new partner into its flagship Panama copper project,” Reuters reported.

This news came a few days after First Quantum told investors announced a further reduction in operations at its Cobre Panama mine due to a lack of supplies caused by “an illegal blockade of small boats at the Punta Rincón port.” These news updates related to its Panama operations are the primary reason why FM stock has lost 29.3% of its value in November so far, despite a broader market recovery.

Shares of Energy Fuels, Endeavour Silver, and CAE were also among the bottom performers on the Toronto Stock Exchange yesterday, as they slipped by at least 5% each.

Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Great-West Lifeco, First Quantum Minerals, and Manulife Financial were the most active stocks on the exchange.

TSX today

After consistently rallying for several days, metals prices across the board were weak early Thursday morning. At the same time, crude oil and natural gas prices were trading positively. Given these mixed signals from the commodity market, I expect the resource-heavy TSX index to remain nearly flat at the open today.

Besides the domestic GDP growth numbers for the third quarter, Canadian investors may also want to closely monitor the important personal consumption expenditure and pending home sales data from the United States this morning.

On the corporate events side, Canadian Imperial Bank of Commerce, BRP, and Royal Bank of Canada will announce their latest quarterly results on November 30.

Overall, the TSX Composite benchmark remains on track to end the month on a strong note, as it has already risen 6.6% in November so far.

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 Brookfield Asset Management, Brp, and Canadian Natural Resources. 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

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 »

Canadian Dollars bills
Metals and Mining Stocks

2 Cheap Canadian Stocks Under $20 to Buy This November

Cheap TSX stocks such as Endeavour Silver are trading at an attractive valuation in November 2024.

Read more »

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 »