TSX Today: What to Watch for in Stocks on Tuesday, May 7

Besides the latest purchasing managers index data, more corporate results will remain on TSX investors’ radar today.

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tsx today

The ongoing recovery in Canadian equities gained steam on Monday as strengthening commodity prices, weakening treasury bond yields, and growing interest rate cut possibilities boosted investors’ confidence. The S&P/TSX Composite Index jumped by 312 points, or 1.4%, on the first day of the new week to settle at 22,259, marking its fourth consecutive winning session.

Despite continued weakness in the shares of healthcare companies, most other main sectors, primarily technology, mining, and industrials, helped the main TSX index inch up.

Top TSX Composite movers and active stocks

Aritzia, Capstone Copper, First Majestic Silver, Baytex Energy, and Fortuna Silver Mines were the top-performing TSX stocks yesterday, as they climbed by at least 5.6% each.

On the flip side, shares of Westshore Terminals Investment (TSX:WTE) plunged by 6.7% to $24.62 per share, making it the worst-performing TSX stock for the day. This selloff in WTE stock came a session after the Vancouver-based coal export company announced its significantly weaker-than-expected first-quarter earnings.

In the quarter ended in March, Westshore’s revenue fell 12.4% year over year to $84.8 million due to a 13% decline in its tonnage shipments. Moreover, an 11.9% increase in its operating and administrative expenses drove its adjusted quarterly earnings down by 54.7% from a year ago to $0.24 per share, missing Street analysts’ expectation of $0.43 per share. WTE stock is now down 9% on a year-to-date basis and offers an annualized dividend yield of around 5.7%.

Bausch Health, Tilray, and Pason Systems were also among the day’s bottom performers on the Toronto Stock Exchange, slipping by at least 1.7% each.

Based on their daily trade volume, Toronto-Dominion Bank, Enbridge, Baytex Energy, Manulife Financial, and Suncor Energy were the five most active stocks on the exchange.

TSX today

Commodity prices were largely mixed early Tuesday morning, pointing to a flat open for the resource-heavy main TSX index today. Canadian investors may want to keep an eye on the latest purchasing managers index data this morning, which could give further direction to stocks.

As the first-quarter earnings season continues in full swing, several TSX-listed companies, including Fortuna Silver Mines, Exchange Income, Spin Master, goeasy, George Weston, International Petroleum, Pet Valu, Ballard Power Systems, B2Gold, Killam Apartment REIT, Boardwalk REIT, RioCan REIT, Dream Industrial REIT, Suncor Energy, Ero Copper, Intact Financial, Nuvei, Dundee Precious Metals, and Sleep Country, are likely to release their latest quarterly earnings reports on May 7.

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 Aritzia, Killam Apartment REIT, and Pason Systems. The Motley Fool recommends B2Gold, Dream Industrial Real Estate Investment Trust, Enbridge, Intact Financial, International Petroleum, Nuvei, Pet Valu, Spin Master, Tilray Brands, 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.

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