TSX Today: What to Watch for in Stocks on Monday, July 31

tsx today

The Canadian stock market turned positive on Friday, despite the release of weaker-than-expected U.S. personal consumption data as investors remained focused on second-quarter corporate results. The S&P/TSX Composite Index advanced by 134 points, or 0.7%, in the last session to settle at 20,519 but ended the week with a minor 28-point decline.

Even as some utility, consumer non-cyclical, and real estate stocks showcased weakness in intraday trading, healthy gains in other main market sectors, including healthcare, technology, and mining, pushed the TSX index upward.

Top TSX Composite movers and active stocks

Celestica (TSX:CLS) continued to rally for a second consecutive session, as its upbeat quarterly financial results boosted investors’ confidence. In the quarter ended in June 2023, the Toronto-headquartered tech solutions provider’s revenue jumped 12.9% from a year ago to US$1.94 billion.

Despite weakness in the semi-capital equipment market, Celestica’s continued focus on its strategic plan drove its adjusted earnings up by 25% year over year to US$0.55 per share, exceeding Street analysts’ estimate of $0.48 per share. This strong quarterly performance also encouraged the company’s management to raise its 2023 outlook. On July 28, CLS stock gained 15.1% to $27.37 per share, extending its weekly gains to about 29%.

Baytex Energy, Osisko Mining, and Tilray Brands were also among the top-performing TSX stocks for the day, as they inched up by more than 7% each.

In contrast, Laurentian Bank of Canada, Eldorado Gold, TC Energy, and Canfor were among the bottom performers on the Toronto Stock Exchange, as they fell at least 3.9% each.

Based on their daily trade volume, TC Energy, Baytex Energy, Enbridge, and Manulife Financial were the day’s most active stocks on the exchange.

TSX today

After witnessing healthy gains in the last session, commodity prices across the board were mixed early Monday morning, which could keep the resource-heavy main TSX index flat at the open today.

While no major economic releases are due, investors will continue to closely monitor more corporate earnings. On July 31, several TSX-listed companies, including Topaz Energy, Gibson Energy, TFI International, Centerra Gold, and Freehold Royalties, are expected to announce their latest quarterly results.

Market movers on the TSX today

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The post TSX Today: What to Watch for in Stocks on Monday, July 31 appeared first on The Motley Fool Canada.

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The Motley Fool recommends Centerra Gold, Enbridge, Freehold Royalties, Tilray Brands, and Topaz Energy. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.