TSX Today: What to Watch for in Stocks on Thursday, October 31

With 2.1% gains so far in October, the TSX Composite Index remains on track to end the fourth consecutive month in the green.

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tsx today

Key Points

Despite a recovery in crude oil prices, Canadian stocks slipped for a second consecutive session on Wednesday as disappointing U.S. GDP (gross domestic product) growth data for the third-quarter reignited fears of a broader economic slowdown. The S&P/TSX Composite Index gave up 55 points, or 0.2%, to settle at 24,508.

Although the rebound in oil prices brought some relief to energy stocks, heavy losses in many other key sectors like mining, technology, and industrials dragged the TSX further into the red.

Top TSX Composite movers and active stocks

Ivanhoe Mines, Fortuna Mining, Seabridge Gold, and BlackBerry were the worst-performing TSX stocks yesterday, as they dived by at least 3.6% each.

In contrast, shares of Secure Energy Services (TSX:SES) popped by nearly 10% to $15.13 per share, making it the top-performing TSX stock for the day. This rally in SES stock came after the Calgary-based waste processing and energy infrastructure firm announced its far better-than-expected third-quarter earnings.

In the quarter ended in September 2024, Secure Energy’s total revenue slipped 12.4% year over year to $374 million as asset divestitures affected its facility count. Nevertheless, its adjusted quarterly earnings more than doubled from a year ago to $0.39 per share, also surpassing Street analysts’ expectations of $0.22 per share. Notably, Secure Energy recently received shareholder approval for its plan to change its corporate name to Secure Waste Infrastructure, effective January 1, 2025. On a year-to-date basis, SES stock is now up 60.4%.

Capital Power, Precision Drilling, and Aritzia were also among the session’s top gainers on the Toronto Stock Exchange, with each climbing by at least 6.3%.

The five most active stocks on the exchange were Bank of Montreal, Royal Bank of Canada, TD Bank, Enbridge, and Manulife Financial based on their daily trade volume.

TSX today

Commodity prices were largely mixed early Thursday morning, pointing to a flat opening for the resource-heavy TSX index today. Despite the recent weakness, the market index remains on track to end the fourth consecutive month in positive territory as it currently trades with 2.1% month-to-date gains.

Besides Canada’s latest GDP growth data, TSX investors will keep a close eye on the important personal consumption expenditure data from the United States this morning, which could offer a clearer picture of inflationary pressures.

On the corporate events front, several Canadian companies, including Fairfax Financial, Eldorado Gold, Baytex Energy, Centerra Gold, Capstone Copper, Primaris REIT, Cogeco Communications, Tamarack Valley Energy, Canadian Natural Resources, Cenovus Energy, Gildan Activewear, AltaGas, Veren, and OpenText, are expected to announce their quarterly results on October 31.

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 positions in Aritzia, Bank Of Montreal, BlackBerry, and Toronto-Dominion Bank. The Motley Fool has positions in and recommends Aritzia and Fairfax Financial. The Motley Fool recommends Canadian Natural Resources, Centerra Gold, Cogeco Communications, Enbridge, Gildan Activewear, and Primaris Real Estate Investment Trust. The Motley Fool has a disclosure policy.

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