TSX Today: What to Watch for in Stocks on Tuesday, August 29

tsx today

Canadian equities started the new week on a strong bullish note, as recent declines in treasury bond yields comforted investors, helping them look past the possibility of more interest rate hikes temporarily. The S&P/TSX Composite Index jumped by 189 points, or 1%, on Monday to 20,025.

While all key market sectors trended upward, mining, real estate, and technology stocks stood out as top gainers during the trading session. With this, the TSX benchmark not only settled above the key 20,000 level for the first time in 10 sessions but also posted its biggest single-day gains in over a month.

Top TSX Composite movers and active stocks

An intraday sharp rally in metals prices drove NovaGold Resources, IAMGOLD, Wesdome Gold Mines, and Algoma Steel up by at least 5% each, making them the top-performing TSX stocks for the day.

Shares of Toronto-Dominion Bank (TSX:TD) climbed 2.1% yesterday, trimming its month-to-date losses to 5.7%. This recovery in TD stock came after the Canadian lender received regulatory approval for its share-buyback plans.

Under this new share-buyback plan, originally announced on August 24, TD Bank intends to repurchase up to 90 million of its common shares for cancellation in the one year starting from August 31. On a year-to-date basis, TD stock now trades with 6.4% losses.

On the flip side, Alimentation Couche-Tard, Cargojet, and Denison Mines fell at least 1.6% each in the last session, making them the bottom performers on the Toronto Stock Exchange.

Based on their daily trade volume, Suncor Energy, Enbridge, Manulife Financial, Canadian Natural Resources, and TC Energy were the five most active stocks on the exchange.

TSX today

After starting the week on a firm note, oil and metals prices were extending their gains early Tuesday morning, which should help the TSX energy and mining stocks to trend further upward at the open today.

While no key domestic economic releases are due, Canadian investors may want to closely monitor the latest U.S. consumer confidence and job openings data this morning.

On the corporate events side, Bank of Nova Scotia and Bank of Montreal are expected to announce their latest quarterly results on August 29.

Market movers on the TSX today

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The post TSX Today: What to Watch for in Stocks on Tuesday, August 29 appeared first on The Motley Fool Canada.

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The Motley Fool recommends Alimentation Couche-Tard, Bank Of Nova Scotia, Canadian Natural Resources, Cargojet, and Enbridge. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.