TSX Today: What to Watch for in Stocks on Wednesday, August 7

An overnight recovery in commodity prices could lift the TSX index today as investors await more corporate earnings.

| More on:
tsx today

Canadian stocks fell sharply for the third consecutive session on Tuesday as recent weakness in commodity markets and a selloff in global equities amid heightened U.S. recession fears weighed on investors’ sentiments. After diving by as much as 568 points in intraday trading, the S&P/TSX Composite Index recovered later during the session to settle at 21,979, down 248 points, or 1.1%, from its previous closing.

While all key market sectors trended downward, heavy losses in healthcare, mining, and consumer stocks primarily pressured the TSX benchmark yesterday.

Top TSX Composite movers and active stocks

Algoma Steel, Osisko Mining, SSR Mining, Energy Fuels, and Aya Gold & Silver were the worst-performing TSX stocks for the day, tanking by at least 6.7% each.

Pet Valu Holdings (TSX:PET) also slipped by more than 5% to $25.32 per share, making it among the bottom performers on the Toronto Stock Exchange. These sharp declines in PET stock came after the Markham-headquartered retailer and wholesaler of pet-related supplies announced its second-quarter financial results.

In the quarter ended June 2024, Pet Valu’s sales rose 3.5% to $265.2 million due partly to growth in its franchise revenues. Although the company’s adjusted quarterly earnings of $0.38 per share exceeded Bay Street analysts’ expectations, higher distribution and occupancy costs and higher discounts drove its operating profit down by around 16%, hurting investors’ sentiments. On a year-to-date basis, PET stock is now down 12%.

In contrast, Innergex Renewable Energy and Quebecor were the session’s top-performing TSX stocks, rising by at least 2.5% each.

Based on their daily trade volume, Enbridge, Suncor Energy, Tourmaline Oil, TD Bank, and Manulife Financial were the five most active stocks on the exchange.

TSX today

After consistently sliding for several sessions, crude oil, natural gas, and precious metals prices staged a recovery early Wednesday morning, which could lift the commodity-heavy main TSX index at the open today. Canadian investors may want to keep an eye on the domestic purchasing managers index data this morning, which could give further direction to stocks.

On the corporate events side, several TSX-listed companies, including Stantec, Pason Systems, SilverCrest Metals, Manulife Financial, Fortuna Silver Mines, Wheaton Precious Metals, IGM Financial, Granite REIT, Equinox Gold, Crombie REIT, Innergex Renewable Energy, NexGen Energy, Nutrien, Stelco, Torex Gold, Canadian Apartment Properties REIT, Killam Apartment REIT, Pan American Silver, Shopify, Air Canada, Stella-Jones, Brookfield Asset Management, and Sprott, are likely to announce their latest quarterly results on August 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 Killam Apartment REIT, Pason Systems, and Shopify. The Motley Fool recommends Brookfield Asset Management, Enbridge, Granite Real Estate Investment Trust, Pet Valu, Stella-Jones, and Tourmaline Oil. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, November 21

Escalating geopolitical tensions and U.S. economic data remain on investors’ radar today as the TSX continues to hover above the…

Read more »

Paper Canadian currency of various denominations
Stock Market

3 No-Brainer Stocks to Buy Right Now for Less Than $120

Here are three undervalued TSX stocks that are positioned to deliver outsized gains to shareholders over the next 12 months.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, November 20

Despite volatile commodity prices, the TSX Composite continues to trade above the 25,000 level as investors closely monitor updates related…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, November 19

Rebounding commodity prices could lift the TSX index at the open today as investors watch the latest domestic consumer inflation…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, November 18

Canada’s consumer inflation report and the U.S. manufacturing and existing home sales data will remain on TSX investors’ radar this…

Read more »

Women's fashion boutique Aritzia is a top stock to buy in September 2022.
Stock Market

Is Aritzia Stock Poised to Become the Next Lululemon?

Lululemon and Aritzia are two retail companies that remain popular among shoppers in 2024. Are the two stocks a good…

Read more »

ways to boost income
Stock Market

The 3 Most Popular Stocks on The TSX Today: Do You Own Them?

The heavy trading volume of three TSX stocks indicate they are popular with Canadian investors.

Read more »

stock research, analyze data
Stock Market

My 2 Favourite Stocks to Buy Now With Just $1,000

Here's why reasonably priced companies such as Nu Holdings and Propel are top investments for Canadians in November 2024.

Read more »