The Canadian stock market turned negative again on September 14, marking its fifth day of losses in the last six sessions. The TSX Composite benchmark fell by about 0.6% yesterday to close at 20,553. Despite a recovery in metal mining stocks, weakness in energy and pharmaceutical sectors dragged the Canadian index lower.
A worse-than-expected decline in the July Canadian manufacturing sales data also added to investors’ worries on Tuesday.
Top TSX movers and active stocks Energy stocks like Suncor Energy, Canadian Natural Resources, and Cenovus Energy were among the most active TSX stocks based on their trade volume in the last session. Meanwhile, National Bank of Canada, Great Canadian Gaming, and Restaurant Brands saw a big spike in their daily trading volume compared to their three-month averages.
The Canadian wood products maker Interfor (TSX:IFP) shares continued to fall sharply for the second consecutive day. Its stock dived more than 5% in the last session after TD Securities recently slashed its target price on the stock to $42 per share from $45 earlier. While IFP stock has risen by 67% in the last 52-week period, it’s still trading nearly 64% lower than Bay Street analysts’ consensus target price of $44.83 per share.
BlackBerry (TSX:BB)(NYSE:BB) stock slipped by about 4% amid a sharp selloff in some popular U.S. and Canadian meme stocks on Tuesday. A recent profit booking in TSX tech stocks could be another factor pressurizing BlackBerry stock right now. Despite yesterday’s sharp losses, BB stock is still up 51% on a year-to-date basis. While the stock has been extremely volatile in 2021, I’m still bullish on it due to the company’s growing focus on electric and autonomous vehicle technology.
Canadian metals and mining stocks like Teck Resources, OceanaGold, Lithium Americas, and Silvercrest Metals were among the top TSX gainers yesterday.
Top TSX stocks to watch today Despite a recovery in commodities prices, Canadian stocks might take a hit today due to investors’ rising concerns about slowing global economic growth. A recent drop in China’s retail sales growth, its worse-than-expected industrial production numbers, and fast-growing inflation in the U.K. could add to TSX investors’ worries on Wednesday. Given these growing uncertainties, investors might want to be cautious.
While there are no major corporate earnings events this week, Canadian investors should keep an eye on the country’s August consumer price index data, which is due to release today. The release of weekly change data in the U.S. crude oil inventories also could have an impact on oil prices and TSX energy stocks’ movement today.
The post TSX Today: What to Expect From Canadian Stocks on September 15 appeared first on The Motley Fool Canada.
The Motley Fool owns shares of and recommends Teck Resources. The Motley Fool recommends BlackBerry and Restaurant Brands International Inc. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.