The Canadian equities market fell sharply for the second consecutive day after the Bank of Canada (BoC) held the key interest rate steady on Wednesday but hinted toward the possibility of more rate hikes in the future if inflationary pressures remain intact. The S&P/TSX Composite Index dived by 187 points, or 0.9%, yesterday to settle at 20,227, registering its worst single-day performance since August 15.
Despite minor gains in real estate shares, the TSX benchmark slipped due mainly to heavy losses in sectors like utilities, healthcare, and industrials.
The Bank of Canadaâs September statement
In its latest statement, Canadaâs central bank justified its decision to hold interest rates steady for now by citing easing access demand in the economy and lagged effects of monetary policy. However, the BoCâs âgoverning council remains concerned about the persistence of underlying inflationary pressures and is prepared to increase the policy interest rate further if needed,â the statement added.
Top TSX Composite movers and active stocks
Northland Power, Enbridge, Aritzia, and Innergex Renewable Energy were the worst-performing TSX stocks, as they plunged by more than 4% each.
On the positive side, shares of Parkland (TSX:PKI) inched up by 3.6% to $38.06 per share, posting their highest single-day gains in four months. This rally in PKI stock came a day after the Calgary-headquartered fuel distribution and retail firm raised its 2023 financial guidance.
Parkland expects its 2023 adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to be around $1.85 billion. Also, the company now aims to achieve $2 billion in adjusted EBITDA next year. Parkland will provide further updates about its execution strategy and financial outlook during its investor day event scheduled for November 14. After this rally, PKI stock is now up more than 28% on a year-to-date basis.
Brookfield Business Partners and Osisko Mining were also among the top gainers on the Toronto Stock Exchange, as they rose at least 3% each.
Based on their daily trade volume, Enbridge, Suncor Energy, TC Energy, and Canadian Natural Resources were the most active stocks on the exchange.
TSX today
Early Wednesday morning, commodity prices were largely trading on a bearish note, which could drive TSX energy and mining stocks lower at the open today.
Besides weekly jobless claims and crude oil stockpile data from the United States, Canadian investors will closely monitor the domestic purchasing managers index data this morning and the BoC governor Tiff Macklemâs comments about the economy in the afternoon.
On the corporate events side, TSX-listed companies Enghouse Systems and BRP are expected to announce their latest quarterly results on September 7.
Market movers on the TSX today
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
TSX:{tradee.symbolstring | str_replace ‘:CA’ ” } | {tradee.equityinfo.longname} {tradee.entitlement} | {tradee.pricedata.last | asQHLast} {tradee.premarket.last | asQHLast} | {tradee.pricedata.change | asQHLast} {tradee.premarket.change | asQHLast} | {tradee.pricedata.open | asQHLast} | {tradee.pricedata.high | asQHLast} | {tradee.pricedata.low | asQHLast} | {tradee.pricedata.sharevolume | numeraljs ‘0,0.[00]a’} {tradee.premarket.sharevolume | numeraljs ‘0,0.[00]a’} | {tradee.pricedata.volumechangepercent | numeraljs ‘0,0.[00]a’ ‘0’} | {tradee.pricedata.totalvalue | numeraljs ‘0,0.[00]a’} | {tradee.pricedata.tradevolume | numeraljs ‘0,0.[00]a’} |
{data.data.0.timezone | asTimezone tLang}
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The post TSX Today: What to Watch for in Stocks on Thursday, September 7 appeared first on The Motley Fool Canada.
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The Motley Fool has positions in and recommends Aritzia and Enghouse Systems. The Motley Fool recommends Brp, Canadian Natural Resources, and Enbridge. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.