TSX Today: What to Watch for in the Market on Wednesday, November 17
The Motley Fool
Published Nov 17, 2021 08:00
Updated Nov 17, 2021 08:15
TSX Today: What to Watch for in the Market on Wednesday, November 17
Stocks traded on a mixed note Tuesday to end the day with minor gains amid rising tech and industrials stocks. The TSX Composite Index settled at 21,717 — up 0.2%, or 34 points, from the previous session’s closing. While better-than-expected retail sales data from the U.S. boosted investors’ confidence, weakness in commodity prices limited the broader market gains.
Top TSX movers and active stocks Tech stocks like Docebo, BlackBerry (TSX:BB), and Converge Technology Solutions were among the top gainers on the main Toronto exchange index yesterday. Docebo stock surged 6.4% in the last session. BlackBerry and Converge Technology rose by 4.1% and 3.7%, respectively.
The shares of NFI Group, Nexgen Energy, Lithium Americas, Denison Mines, and Village Farms (TSX:VFF) International fell sharply, making them the five worst performers on the benchmark. NFI stock lost about 10% of its value in the last session, and the other four stocks shed at least 4% each.
Enbridge (TSX:ENB), Manulife Financial (TSX:MFC), and Sun Life Financial (TSX:SLF) were the most active Canadian stocks on November 16 based on their daily trade volume.
TSX today I expect Canadian stocks to open on a negative note Wednesday — mainly due to the weakening oil and base metals prices. Nonetheless, strengthening precious metals prices could help gold and silver mining companies’ shares rise on the TSX today. On the economic data front, Canadian investors should keep an eye on the domestic consumer price index and the U.S. crude oil stockpiles data due this morning.
The Canadian retail giant Metro (TSX:TSX:MRU) is set to release its fourth-quarter fiscal 2021 results today before the market opens. Analysts expect its September quarter revenue to remain flat on a year-over-year basis at around $4.14 billion. According to these estimates, Metro’s Q4 earnings could rise 4.3% from a year ago to $0.80 per share. While Metro stock has risen by about 7% in the last month, it’s still underperforming the broader market on a year-to-date basis.
Real Matters and Loblaw Companies are also likely to release their latest quarterly results this morning.
The post TSX Today: What to Watch for in the Market on Wednesday, November 17 appeared first on The Motley Fool Canada.
The Motley Fool owns shares of and recommends Village Farms International, Inc. The Motley Fool recommends Docebo Inc., Enbridge, NFI Group, and Real Matters Inc. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.
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