TSX Today: What to Watch for in Stocks on Friday, November 8

The TSX Composite benchmark remains on track to end the week with strong optimism as it currently trades with 2.4% week-to-date gains.

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tsx today

The Canadian stock market edged up for the fifth consecutive session on Thursday, posting its longest winning streak in over two months, as the U.S. Federal Reserve cut interest rates by 25 basis points. The S&P/TSX Composite Index advanced by 208 points, or 0.8%, to close at a fresh all-time high of 24,846.

Even though some healthcare companies witnessed weakness, solid gains in most other key market sectors, such as mining, technology, energy, and real estate, guided the TSX benchmark to a strong finish.

In the November statement, the Federal Reserve highlighted that recent economic indicators show solid growth in economic activity. Although the labour market has softened somewhat, with a slight uptick in the unemployment rate, it remains historically low.

Top TSX Composite movers and active stocks

CES Energy Solutions (TSX:CEU) jumped by 10% to $9.34 per share after releasing a robust third-quarter earnings report that reflected record revenue and strong financial performance. In the quarter ended in September, the energy sector-focused chemical solutions company’s revenue jumped by 13% year over year to $606.5 million.

More importantly, factors such as increased service intensity, a strong product mix, and effective supply chain management helped CES Energy post a solid 33.3% jump in its adjusted quarterly earnings to $0.20 per share, exceeding Street analysts’ expectations. After the recent rally, CES Energy stock trades with outstanding 171% year-to-date gains.

SilverCrest Metals, Equinox Gold, and First Quantum Minerals were also among the top-performing TSX stocks yesterday, with each climbing by at least 9.2%.

On the flip side, shares of Superior Plus (TSX:SPB) tanked by 17% to $5.60 per share, making it the worst-performing TSX stock for the day. This massive selloff in SPB stock came a day after the Toronto-headquartered propane distributor reported a sharp decline in its third-quarter revenue due to weaker performance in its propane operations. Year to date, Superior Plus stock is now down 42%.

In addition, SSR Mining, Bombardier, and Franco-Nevada dived by at least 4.9% each, positioning them among the session’s worst performers on the Toronto Stock Exchange.

Based on their daily trade volume, Enbridge, BCE, Tourmaline Oil, Superior Plus, and Manulife Financial were the five most active stocks on the exchange.

TSX today

Most commodity prices were mixed early Friday morning, pointing to a flat start for the resource-heavy TSX index today.

While no major economic releases from the United States are due this morning, Canadian investors will keep an eye on the domestic employment change and unemployment rate data this morning.

On the corporate events front, many TSX-listed companies, including Filo, Emera, Constellation Software, Telus, Brookfield Renewable Partners, Onex, NexGen Energy, and Brookfield Business Partners, will release their latest quarterly earnings reports on November 8.

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 Brookfield Renewable Partners, Ces Energy Solutions, Constellation Software, Emera, Enbridge, Superior Plus, TELUS, and Tourmaline Oil. The Motley Fool has a disclosure policy.

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