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TSX Today: What to Watch for in Stocks on Monday, August 8

TSX Today
TSX Today

Written by Jitendra Parashar at The Motley Fool Canada

Canadian stocks continued to trade on a slightly positive note for the third consecutive session on Friday. The TSX Composite Index rose by 43 points, or 0.2%, for the session to settle at 19,620. With this, the main market benchmark outperformed its U.S. peers for the second session in a row.

While sectors like technology, utilities, and consumer non-cyclicals fell, a bounce back in commodity prices across the board helped mining and energy stocks inch up. Other key sectors like healthcare and industrials also showcased strength despite weaker-than-expected domestic employment data.

Top TSX movers and active stocks

Ero Copper’s (TSX:ERO) stock rallied nearly 10% in the last session to $12.21 per share, making it the top-performing TSX stock for the day. Apart from a rebound in copper prices, the company’s recently released Q2 results could be the primary reason for this optimism. While Ero Copper missed analysts’ revenue and earnings estimates in the second quarter, it posted record quarterly copper and gold production. Despite its recent rally, ERO stock is still down 37% year to date.

Bausch Health Companies, Bombardier, and Brookfield Business Partners were also among the top gainers on Friday, as they rose by more than 9% each.

In contrast, shares of Canaccord Genuity Group (TSX:CF) dived by 14% on August 5 to $8.55 per share. This massive selloff in CF stock came a day after the company announced its much worse than expected quarterly results. In the June quarter, Canaccord’s total revenue fell by 30.8% year over year. Similarly, its adjusted earnings for the quarter tanked by 84.9% to $0.11 per share, missing Street’s expectation of $0.31 per share by a wide margin. Canaccord stock has now seen 43.3% value erosion in 2022 so far.

IAMGOLD, Equinox Gold, and Ritchie Bros Auctioneers were also among the worst-performing TSX Composite components, as they fell by at least 6% each in the last session.

Based on their daily trade volume, Enbridge, Suncor Energy, TC Energy, and Cenovus Energy were the most active stocks on the exchange.

TSX today

Early Monday morning, metals prices — especially silver and copper — were showcasing strength, while oil prices were trading on a mixed note. Given these slightly positive signals, I expect the main TSX index to open slightly higher from its previous closing level today with strength in metals and mining stocks.

While no major economic releases are due today, investors may want to focus on the ongoing corporate earnings season. Canadian companies like Hudbay Minerals, RioCan REIT, CT REIT, WSP Global, and Barrick Gold are expected to announce their latest quarterly results on August 8.

The post TSX Today: What to Watch for in Stocks on Monday, August 8 appeared first on The Motley Fool Canada.

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The Motley Fool recommends Enbridge, Ritchie Bros. Auctioneers, Ritchie Bros. Auctioneers Incorporated, and WSP GLOBAL INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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