Surging oil and base metals prices helped the Canadian stock market start September on a strong note after ending August on a negative note. The S&P/TSX Composite Index rallied by 253 points, or 1.2%, on Friday to settle at 20,545, its highest closing level in a month.
While all key TSX sectors ended the session in green, the market rally was primarily led by energy, healthcare, and industrial stocks. Notably, West Texas Intermediate crude oil futures prices have jumped roughly 9% in the last seven sessions, leading to a solid recovery in the shares of oil and gas companies.
Top TSX Composite movers and active stocks
Canadian Western Bank (TSX:CWB) popped 11.4% in the last session to $29.30 per share after the release of its better-than-expected quarterly financial results. In the third quarter of its fiscal year 2023 (ended in July), the Edmonton-based bankâs revenue rose 4.3% year over year to $283.5 million with the help of improved interest income.
Although Canadian Western Bankâs adjusted earnings fell 2.2% from a year ago to $0.88 per share last quarter due mainly to higher provision for credit losses, its earnings figure was still stronger than analystsâ expectations. After this rally, CWB stock now trades with about 22% year-to-date gains, outperforming all its home market peers.
MEG Energy, Tamarack Valley Energy, Whitecap Resources, and Filo were also among the top gainers on the Toronto Stock Exchange on September 1, as they inched up by at least 4.5% each.
On the flip side, Sleep Country Canada and Alamos Gold dived by more than 3% each, making them the worst-performing TSX stocks for the day.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Manulife Financial, and TC Energy were the most active stocks on the exchange.
TSX today
Prices of energy products were turned bearish early Tuesday morning after rallying for several days while precious metals prices continued to plunge. Given these negative signals, I expect the commodity-heavy main TSX index to remain under pressure at the open today, with expected heavy losses in energy and mining stocks.
While no major economic releases are due today, TSX investors may want to remain cautious ahead of the Bank of Canadaâs interest rate decision scheduled for tomorrow.
Market movers on the TSX today
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The post TSX Today: Why Canadian Stocks Could Fall on Tuesday, September 5 appeared first on The Motley Fool Canada.
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The Motley Fool recommends Canadian Natural Resources, Canadian Western Bank, and Whitecap Resources. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.