TSX Today: What to Watch for in Stocks on Friday, January 5

Weakness in metals prices could pressure the TSX index, especially mining stocks, at the open today.

| More on:
tsx today

Following a two-day downturn, the Canadian equities market rebounded into positive territory on Thursday, fueled by ongoing investor speculation about potential interest rate cuts in 2024. Despite much stronger-than-expected labour market data from the United States hinting that the Fed might maintain higher interest rates for an extended period, the S&P/TSX Composite Index climbed 53 points, or 0.3%, to settle at 20,871.

Commodity-linked stocks trended downward amid the heightened volatility of metals and crude oil prices. Nonetheless, solid gains in key market sectors like technology, industrials, and financials drove the TSX benchmark upward.

Top TSX Composite movers and active stocks

Parkland, Nuvei, Bombardier, and SilverCrest Metals were the top-performing TSX stocks yesterday, as they inched up by at least 3% each.

Shares of Enghouse Systems (TSX:ENGH) rose 1.3% after announcing its intentions to acquire the Mediasite business from Sonic Foundry for about US$15.5 million in cash, including its Japanese and Dutch subsidiaries. The deal, which is supported by a majority of Sonic Foundry’s shareholders and subject to standard closing conditions, is likely to close within the first quarter of 2024. After rising by about 17% in the last three months, ENGH stock now trades at $34.52 per share.

Alimentation Couche-Tard (TSX:ATD) stock also advanced by 1.3% to $79.31 per share, a day after it announced the completion of its acquisition of some key European retail assets from TotalEnergies. The move aims to expand Couche-Tard’s presence into Germany, Belgium, Netherlands, and Luxembourg, with over 2,175 sites in total. After ending 2023 with 31% gains, ATD stock has now risen 1.6% in January so far.

In contrast, Seabridge Gold, Cenovus Energy, Superior Plus, and BlackBerry slipped by at least 2.9% each, making them the day’s bottom performers on the Toronto Stock Exchange.

Based on their daily trade volume, Toronto-Dominion Bank, TC Energy, Baytex Energy, Cenovus Energy, and Scotiabank were the five most heavily traded stocks on the exchange.

TSX today

Most commodity prices, except for crude oil, showed a bearish trend early Friday morning, which could pressure the resource-laden main TSX index at the open today.

In addition to the important manufacturing and more labour market data from the United States, Canadian investors will also keep a close watch on the domestic employment change, unemployment rate, and purchasing managers index numbers this morning, which could influence the short-term stock market trajectory.

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 Alimentation Couche-Tard and Enghouse Systems. The Motley Fool recommends Bank Of Nova Scotia and Superior Plus. 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

a man relaxes with his feet on a pile of books
Dividend Stocks

CPP Pensioners: Watch for These Important Updates

The CPP is an excellent tool for retirees, but be sure to stay on top of important updates like these.

Read more »

Piggy bank with word TFSA for tax-free savings accounts.
Stocks for Beginners

2 Top TSX Growth Stocks to Stash in a TFSA for Life

These two growth stocks may not be the top in the last month, but in the last few years, they…

Read more »

people relax on mountain ledge
Dividend Stocks

Invest $10,000 in This Dividend Stock for a Potential $4,781.70 in Total Returns

A dividend stock doesn't have to be risky, or without growth. And in the case of this one, the growth…

Read more »

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins
Dividend Stocks

How to Turn a $15,000 TFSA Into $171,000

$15,000 may not seem like a lot, but over time that amount can balloon into serious cash.

Read more »

A worker uses a double monitor computer screen in an office.
Stocks for Beginners

Why I’d Buy Fairfax Financial Stock Even at Today’s Prices

Fairfax stock just keeps edging higher. But is it now too expensive, or can investors just look forward to even…

Read more »

Piggy bank in autumn leaves
Dividend Stocks

A 5.6% Dividend Yield? I’ll be Buying This TSX Stock for Decades!

This Big Six Bank offers a large dividend, growth strategy, and stability. In short, it offers it all!

Read more »

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 »

concept of real estate evaluation
Dividend Stocks

Buy 1,154 Shares of This Top Dividend Stock for $492.54/Month in Passive Income

This dividend stock can pay out top cash every month, sure, but has even more to look forward to.

Read more »