DFY:CC - TSX Today: What to Watch for in Stocks on Tuesday August 8
2023-08-08 08:23:25 ET
The Canadian stock market turned positive on Friday after diving 2% in the previous three sessions combined as an intraday rally in commodity markets and largely positive corporate earnings regained investors’ confidence. The S&P/TSX Composite Index inched up by 115 points, or 0.6%, for the session to settle at 20,236.
Although healthcare and technology stocks witnessed weakness, healthy gains in other main TSX sectors , like consumer non-cyclical, metal mining, and utilities, pushed the index upward.
Top TSX Composite movers and active stocks
Definity Financial ( TSX:DFY ) soared 11.5% to $36.14 per share on August 4, making it the top-performing TSX stock for the day. This notable rally in DFY stock came a day after the Waterloo-based insurance company announced its upbeat second-quarter results.
In the quarter ended in June 2023, Definity’s revenue rose 19.4% year over year to $954.9 million with the help of the strong performance of personal property and commercial lines. As a result, its adjusted quarterly earnings jumped 33.3% from a year ago to $0.56 per share, beating Street analysts’ estimates of $0.45 per share by a wide margin. Despite this rally, however, Definity stock is still down 6.1% year to date.
Maple Leaf Foods , Kinross Gold , and Badger Infrastructure Solutions were also among the top performers on the Toronto Stock Exchange , as they climbed by at least 4.7% each.
In contrast, Open Text , Jamieson Wellness , Bombardier , and Westshore Terminals were the worst-performing TSX stocks for the day, as they plunged by at least 4.8% each.
Based on their daily trade volume, Enbridge , Dream Industrial REIT , TD Bank , and Baytex Energy were the most active stocks on the Canadian exchange.
TSX today
Commodity prices, especially crude oil, copper, and gold, were trading on a bearish note early Tuesday morning. Given that, I expect the main TSX index to remain under pressure at the open today as trading resumes after the long Civic Holiday weekend.
While no major domestic economic releases are due, Canadian energy investors may want to closely watch the U.S. Energy Information Administration’s latest short-term energy outlook report this afternoon.
As corporate earnings season continues in full swing, several TSX-listed companies, including Hudbay Minerals , Finning International , Franco-Nevada , Innergex Renewable Energy , Great-West Lifeco , Sun Life Financial , Element Fleet Management , Restaurant Brands International , Barrick Gold , Pet Valu , and CT REIT , are expected to announce their latest quarterly results on August 8.
Market movers on the TSX today
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The post TSX Today: What to Watch for in Stocks on Tuesday, August 8 appeared first on The Motley Fool Canada .
The Motley Fool recommends Dream Industrial Real Estate Investment Trust, Enbridge, Pet Valu, Restaurant Brands International, and Westshore Terminals Investment Corporation. The Motley Fool has a disclosure policy . Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.
2023