Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

TSX Today: What to Watch for in Stocks on Tuesday, June 21

Published 2022-06-21, 08:08 a/m
Updated 2022-06-21, 08:15 a/m
© Reuters.  TSX Today: What to Watch for in Stocks on Tuesday, June 21

© Reuters. TSX Today: What to Watch for in Stocks on Tuesday, June 21

Canadian stocks bounced back on Monday from their lowest level since March 2021 to start the week on a positive note. While the U.S. market remained closed yesterday for Juneteenth National Independence Day, the TSX Composite Index inched up by 253 points, or 1.3%, to 19,184. Nearly all key sectors on the benchmark — except utilities — ended the session in the green. Shares of technology, energy, real estate, and financials companies posted the biggest gains. Despite this rally, however, the main Canadian market gauge is still down 7.5% on a month-to-date basis.

Top TSX movers and active stocks Cargojet (TSX:CJT) was the top-performing TSX Composite component yesterday, as it jumped by slightly more than 11% to $135.83 per share. This rally came after a notable Bay Street analyst upgraded his recommendation on CJT stock from “sector perform” to “sector outperform.” The broader market optimism also seemingly supported Cargojet stock’s sharp recovery Monday after it lost nearly 20% of its value last week. Year to date, the stock now trades with 18.5% losses.

Shares of Shaw Communications, Rogers Communications (TSX:RCIa), Quebecor, Hut 8 Mining (TSX:HUT), and Home Capital Group were also among the top gainers on the TSX in the last session, as they climbed by more than 5% each.

In contrast, Bombardier (TSX:BBDb), Parex Resources (TSX:PXT), and Osisko Mining (TSX:OSK) fell by at least 5% each, making them the worst-performing TSX stocks.

Based on their daily trade volume, commodity-linked Canadian Natural Resources (TSX:CNQ), Suncor Energy (TSX:SU), Baytex Energy (TSX:BTE), and Barrick Gold (NYSE:GOLD) were the most active stocks on the exchange.

TSX today: Key economic data to watch Early Tuesday morning, crude oil and precious metals were trading on a mixed note, which could keep most commodity-linked TSX stocks flat at the open today. Nonetheless, most key Asian and European stock indexes — except the Shanghai Composite — traded with optimism on June 21, as global investors continued to assess the possibility of a recession.

Apart from domestic retail sales numbers, Canadian investors could keep an eye on the existing home sales data from the U.S. market this morning. Overall, I expect TSX stocks to remain volatile ahead of the U.S. Federal Reserve chair Jerome Powell’s testimony scheduled for Wednesday.

The post TSX Today: What to Watch for in Stocks on Tuesday, June 21 appeared first on The Motley Fool Canada.

The Motley Fool has positions in and recommends CARGOJET INC. The Motley Fool recommends CDN NATURAL RES and ROGERS COMMUNICATIONS INC. CL B NV. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

This Article Was First Published on The Motley Fool

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.