Yahoo Finance TSX Today: What to Watch for in Stocks on Monday, June 20
Written by Jitendra Parashar at The Motley Fool Canada
The ongoing downside trend continued in Canadian equities on Friday due mainly to a weakness of the commodity prices. The commodity-heavy S&P/TSX Composite Index fell by 74 points, or 0.4%, for the session to its lowest closing level since March 2021 of 18,930. The recent correction in commodity prices could mainly be attributed to growing concerns about a near-term recession, driving the shares of Canadian energy companies and miners sharply lower.
In contrast, the key U.S. indexes turned slightly positive on June 17 after the Federal Reserve chair Jerome Powell said, “my colleagues and I are acutely focused on returning inflation to our 2% objective.” These comments could also be the reason why the Canadian real estate, tech, and healthcare sectors staged a recovery in the last session.
Top TSX movers and active stocks
TSX energy stocks like Vermilion Energy, Enerplus, Tamarack Valley Energy, Headwater Exploration, and Birchcliff Energy fell by more than 7% each on Friday, making them the worst performers for the session. These losses came after the WTI crude oil futures tanked by about 6% that day.
On the positive side, Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) stock jumped by 7.1% to $27.62 per share, as the Fed chair’s latest comments about inflation fueled a tech sector-wide intraday recovery. Interestingly, the Canadian commerce platform provider’s largely better-than-expected Q4 results drove its stock up by 14.6% in May. However, the renewed tech meltdown has erased all those gains in June, as LSPD stock now trades with 16% month-to-date losses.
Aurora Cannabis, Ballard Power Systems, Brookfield Business Partners, and Colliers International were also among the top TSX performers on Friday, as they inched up by at least 5% each.
Based on their daily trade volume, Suncor Energy, Cenovus Energy, Crescent Point Energy, and Canadian Natural Resources were the most active stocks. More than 27 million shares of Suncor changed hands on the exchange in the last session.
TSX today
The main Canadian market gauge fell by 6.6% in the week ended on June 17, posting its biggest weekly losses in more than two years. Early Monday morning, most commodities — especially crude oil and copper — were trading on a weak note, which could extend losses in TSX energy and mining shares today. While the U.S. market will remain closed on June 20 for Juneteenth National Independence Day, heightened volatility in commodity prices could still keep TSX stocks volatile.
The post TSX Today: What to Watch for in Stocks on Monday, June 20 appeared first on The Motley Fool Canada.
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The Motley Fool recommends CDN NATURAL RES, COLLIERS INTERNATIONAL GROUP INC, Lightspeed Commerce, and VERMILION ENERGY INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.
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