TSX Today: What to Watch for in Stocks on Monday, September 23

After surging for two consecutive weeks, the TSX Composite Index has risen over 9% so far in the third quarter.

| More on:
tsx today

Canadian stocks remained choppy on Friday as investors continued to assess the potential impact of the Federal Reserve’s recent rate cut on the economy and corporate earnings. Despite economic uncertainties, firm commodity prices supported the S&P/TSX Composite Index to close at a fresh all-time high of 23,867, though this marked only a slight increase from its previous closing.

While healthcare and industrial stocks traded on a weak note, strong gains in other sectors, including consumer noncyclicals, mining, and utilities, helped the TSX benchmark edge higher.

Top TSX Composite movers and active stocks

Cameco (TSX:CCO) jumped by more than 8% to $60.23 per share, making it the top-performing TSX stock for the day. This rally in CCO stock came after the American energy giant Constellation Energy signed its largest-ever power-purchase agreement with Microsoft to supply clean energy for its data centres.

This deal will support the launch of the Crane Clean Energy Center and the restart of Three Mile Island Unit 1. This news fueled optimism in the uranium sector, as the deal highlights the growing demand for nuclear power as a clean energy source. This could be the main reason why other uranium stocks, like Energy Fuels, Denison Mines, and NexGen Energy, also saw strong upside movement following the announcement. On a year-to-date basis, Cameco stock now trades with 5.4% gains.

On the flip side, Ballard Power Systems, Tilray Brands, Africa Oil, and AltaGas were the session’s worst-performing stocks on the Toronto Stock Exchange, with each sliding by more than 4%.

Based on their daily trade volume, TC Energy, Canadian Natural Resources, Cenovus Energy, Algonquin Power & Utilities, and Calibre Mining were the five most active stocks on the exchange.

TSX today

Commodity prices across the board were mixed early Monday morning, pointing to a flat opening for the resource-heavy TSX index today.

While no major domestic economic releases are due this morning, Canadian investors will keep an eye on the latest monthly manufacturing purchasing managers index (PMI) and services PMI data from the United States. Overall, investors remain optimistic that firm commodity prices, combined with potential economic growth spurred by declining interest rates, could keep driving TSX higher in the near future.

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.

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends Cameco, Canadian Natural Resources, Constellation Energy, Microsoft, and Tilray Brands. The Motley Fool has a disclosure policy.

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, January 15

Handsome gains in shares of mining, consumer discretionary, and financial companies pushed the TSX benchmark higher.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, January 14

The Canadian stock market selloff continued for the second consecutive session on Monday as concerns about elevated interest rates and…

Read more »

happy woman throws cash
Stock Market

GST/HST Rebate 2025: You Could Get up to $129.75 Every Quarter

Here's how Canadian households can use the GST/HST tax credit in 2025 to build long-term wealth over the next decade.

Read more »

close-up photo of investor Warren Buffett
Stock Market

What Warren Buffett’s Latest Move Could Mean for Canadian Investors

Warren Buffett's record $325 billion cash pile and recent stock sales signal caution at market highs. Here's what his defensive…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, January 13

Renewed concerns about monetary policy are weighing on TSX investors’ sentiments despite rising commodity prices.

Read more »

tsx today
Stock Market

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

Strengthening commodity prices could lift the TSX benchmark today as the U.S. jobs report and the domestic labour market data…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, January 9

Mining stocks may get a lift from rising metals prices today, though the TSX may experience lighter trading volumes with…

Read more »

Investor reading the newspaper
Stock Market

3 Secrets of TFSA Millionaires

Uncover three proven strategies used by TFSA millionaires to build significant tax-free wealth. Learn how successful investors transform their TFSAs…

Read more »