TSX Today: What to Watch for in Stocks on Tuesday, March 28

tsx today

Canadian stocks started the new week on a bullish note, as investors reacted positively to the news that the First-Citizens Bank has agreed to buy troubled Silicon Valley Bank’s assets at a discount of US$16.5 billion. This news led to solid 53.7% single-day gains in First-Citizens Bank’s share prices on Monday. With the help of a recovery in bank stocks, the S&P/TSX Composite Index rose 123 points, or 0.6%, yesterday to close at 19,625.

Steep gains in consumer noncyclical, energy, utilities, and real estate stocks also supported the market rally, even as falling gold and silver prices lowered the shares of mining companies.

Top TSX Composite movers and active stocks

More than 5% intraday gains in West Texas Intermediate crude oil futures prices drove energy stocks like Athabasca Oil, Baytex Energy, Cenovus Energy, and MEG Energy up by at least 3.9% each, making them the top performers on the Toronto Stock Exchange.

In contrast, ECN Capital and BELLUS Health were the worst-performing TSX stocks for the day, falling by at least 4.3% each.

Shares of MAG Silver (TSX:MAG) also trended down 3.2% to $16.49 per share after its full-year 2022 financial results came out. The Vancouver-headquartered development and exploration firm reported US$630 thousand in the last year’s revenue, up from US$173 thousand in 2021. Similarly, its adjusted earnings rose to US$0.18 per share in 2022 from US$0.06 per share in the previous year.

In its latest earnings report, MAG Silver noted that its Mexico-based Juanicipio project produced its first lead concentrate earlier this month. And the project’s first commercial shipment of concentrate is expected in the coming weeks. In 2023 so far, MAG stock has lost 22% of its value.

According to the exchange’s daily volume data, TC Energy, Canadian Imperial Bank of Commerce, Suncor Energy, and TD Bank were the most active stocks for the day.

TSX today

Precious metals prices continued to slide further early Tuesday morning, which could pressure the TSX metals and mining stocks at the open today. While no important domestic economic releases are due, Canadian investors may want to closely monitor the latest monthly consumer confidence data from the United States this morning.

On the corporate events front, the Canadian discount retailer Dollarama is set to announce its January quarter earnings report on Wednesday before the market opening bell. Bay Street analysts expect it to report $0.85 in adjusted quarterly earnings with revenue of $1.4 billion.

Market movers on the TSX today

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The post TSX Today: What to Watch for in Stocks on Tuesday, March 28 appeared first on The Motley Fool Canada.

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