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: Why Stocks Could Fall This Black Friday

Published 2021-11-26, 08:00 a/m
Updated 2021-11-26, 08:15 a/m
TSX Today: Why Stocks Could Fall This Black Friday

TSX Today: Why Stocks Could Fall This Black Friday

The positive momentum in Canadian stocks continued on November 25 for the third day in a row. Despite the U.S. market holiday for Thanksgiving, the S&P/TSX Composite Index rose by 0.3%, or 65 points, yesterday to 21,613. Apart from precious metal mining stocks, all other major sectors on the main Canadian index traded positively — led by a rally in healthcare, tech, and real estate shares.

While the market volatility largely remained low due to the U.S. market holiday, the following TSX stocks were in focus.

Top TSX movers and active stocks Tech stocks like Dye & Durham and Lightspeed Commerce (TSX:LSPD) were the top two gainers on the index Thursday, as they popped by at least 3% each. Enghouse Systems, Brookfield Business Partners, and Real Matters also rose by a minimum of 2% each.

In contrast, OceanaGold, Dundee Precious Metals, LifeWorks, and Docebo were among the worst-performing stocks on the TSX as they lost at least 1.5% each in the last session.

Based on their daily trade volume, Manulife Financial (TSX:MFC) and Sun Life Financial (TSX:SLF) were the most active stocks on the Canadian exchange.

TSX today After remaining completely closed Thursday, the U.S. markets will reopen today but close early for Black Friday. Following a sharp drop in equities markets across the globe due to renewed worries about new COVID variants, TSX stocks are likely to open lower on November 26. I recommend investors remain cautious, as an overnight slide in oil and base metals prices could trigger a selloff in Canadian energy and base metals mining stocks.

What investors can do On the positive side, an early-morning recovery in precious metals prices should help gold stocks rise on the TSX today. In one of my recent articles, I’d highlighted why it could be the right time to buy some cheap gold stocks like New Gold (TSX:NGD)(NYSE:NGD) and IAMGOLD. I expect investors’ rising worries about high inflation, supply chain disruptions, and new COVID variants to drive gold prices higher, leading to a rally in gold stocks.

Notably, New Gold stock has consistently been crushing analysts’ consensus earnings estimates by a wide margin for the last couple of quarters. While its stock has seen a massive rally in the ongoing quarter, it’s still trading with 33% year-to-date losses.

The post TSX Today: Why Stocks Could Fall This Black Friday appeared first on The Motley Fool Canada.

The Motley Fool owns shares of and recommends Enghouse Systems Ltd. The Motley Fool recommends Docebo Inc., Lightspeed POS Inc., and Real Matters Inc. 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.