TSX Today: What to Watch for in Stocks on Wednesday, November 1

tsx today

The Canadian stock market largely remained mixed on Tuesday, despite the release of strong U.S. consumer confidence data, as Canada’s weaker-than-expected gross domestic product growth numbers worried investors. The S&P/TSX Composite Index ended the volatile session with minor 17 points, or 0.1%, gains at 18,873.

While weakening precious metal prices drove mining stocks lower, healthy gains in most other key market sectors, primarily healthcare, energy, and technology, helped the TSX benchmark remain slightly positive.

Top TSX Composite movers and active stocks

Cameco (TSX:CCO) popped by 8.3% to $56.73 per share, making it the top-performing TSX stock for the day. This rally in CCO stock came after the Saskatoon-headquartered uranium fuel company announced its significantly better-than-expected third-quarter earnings.

In the quarter ended in September, Cameco’s total revenue rose 47.8% year over year to $575 million due partly to higher average realized prices. With this, the company posted adjusted quarterly earnings of $0.32 per share, beating Street analysts’ expectations of $0.12 per share by a wide margin. Year to date, CCO stock now trades with about 85% gains.

Celestica, NexGen Energy, and Ballard Power Systems were also among the top gainers on the Toronto Stock Exchange yesterday, as they inched up by at least 5% each.

In contrast, First Quantum Minerals (TSX:FM) stock crashed for a second consecutive session, extending its two-day losses to more than 40%. Yesterday’s selloffs in FM stock started after the Vancouver-based miners provided an update on recent developments in Panama. In a press release, First Quantum said it “has contacted the government to understand the details” of the recently announced popular consultation scheduled for December 17.

Besides First Quantum, Brookfield Business Partners and First Majestic Silver were also among the worst-performing TSX stocks, as they dived by more than 5% each.

Based on their daily trade volume, First Quantum Minerals, Enbridge, Tamarack Valley Energy, TD Bank, and Manulife Financial were the five most active stocks on the exchange.

TSX today

Most commodity prices, especially metals, were trading on a slightly bearish note early Wednesday morning, which could drive TSX mining stocks lower at the open today.

While no major domestic economic releases are due, Canadian investors may want to closely monitor the important non-farm employment, manufacturing, and job openings data from the United States this morning. In the afternoon, the Federal Reserve’s interest rate decision and press conference could add to the market volatility.

On the corporate events side, several TSX-listed companies, including Tourmaline Oil, Kinaxis, Parkland, Vermilion Energy, Lundin Mining, IGM Financial, Nutrien, Spin Master, Cogeco Communications, GFL Environmental, Secure Energy, Canada Goose, SSR Mining, Thomson Reuters, Athabasca Oil, Brookfield Infrastructure Partners, and InterRent REIT, are expected to announce their latest quarterly results on the first day of November.

Market movers on the TSX today

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The post TSX Today: What to Watch for in Stocks on Wednesday, November 1 appeared first on The Motley Fool Canada.

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The Motley Fool has positions in and recommends Spin Master. The Motley Fool recommends Brookfield Infrastructure Partners, Enbridge, Kinaxis, Nutrien, Tourmaline Oil, and Vermilion Energy. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.