TSX Today - Why Canadian Stocks May Fall on Tuesday January 31st


tsx today

The Canadian equities market started the new week on a negative note after rallying for four consecutive weeks. The S&P/TSX Composite Index fell by 142 points, or 0.7%, to settle at 20,572, marking its biggest single-day losses in over a month.

While all main Canadian stock market sectors ended the session in the red, big losses in the shares of healthcare and technology companies primarily led the TSX index downward. In addition, sharp declines in copper and West Texas Intermediate crude oil futures prices kept metal mining and energy stocks under pressure.

Top TSX Composite movers and active stocks

Westshore TerminalsPeyto Exploration & DevelopmentBausch Health CompaniesShopify, and Lightspeed Commerce were the worst-performing TSX stocks yesterday, as they fell by at least 5% each.

On the positive side, Algoma Steel GroupAthabasca OilFairfax Financial Holdings, and Denison Mines rose by at least 2.6% each, making them the top performers on the Toronto Stock Exchange for the day.

Based on their daily trade volume, Manulife FinancialToronto-Dominion Bank, Athabasca Oil, and Enbridge were the most active stocks on the exchange.

TSX today

The main TSX index may extend weakness at the open today as commodity prices across the board were trading on a bearish note early Tuesday morning, which could pressure energy and mining shares further. Despite the expected weakness in stocks today, the TSX benchmark is set to end the first month of 2023 on a strong note, as it has already risen by 6.1% in January so far.

Statistics Canada is expected to release domestic monthly gross domestic product for November this morning. Besides that, Canadian investors may also want to keep a close eye on the latest consumer confidence data from the U.S. market.

On the corporate events front, Canadian energy company Imperial Oil and the transportation giant Canadian Pacific Railway will announce their latest quarterly financial results on January 31. Imperial Oil is expected to report $2.56 per share in December quarter earnings, reflecting about 90% year-over-year growth. Similarly, Street analysts expect Canadian Pacific’s fourth-quarter earnings to rise 12.8% from a year ago to $1.07 per share.

Market movers on the TSX today

{tab.name} {data.noDataMsg}{ ‘Symbol’ | i8ln tLang }{ ‘Company’ | i8ln tLang }{ ‘Last’ | i8ln tLang }{ ‘change’ | i8ln tLang }{ ‘changepct’ | i8ln tLang }{ ‘Open’ | i8ln tLang }{ ‘High’ | i8ln tLang }{ ‘Low’ | i8ln tLang }{ ’52weekrange’ | i8ln tLang }{ ‘Vol’ | i8ln tLang }{‘volume change %’ | i8ln tLang}{ ‘tradeval’ | i8ln tLang }{ ‘totaltrades’ | i8ln tLang }TSX:{tradee.symbolstring | str_replace ‘:CA’ ” }{tradee.equityinfo.longname}  {tradee.entitlement}{tradee.pricedata.last | asQHLast}{tradee.premarket.last | asQHLast}{tradee.pricedata.change | asQHLast}{tradee.premarket.change | asQHLast}{tradee.pricedata.open | asQHLast}{tradee.pricedata.high | asQHLast}{tradee.pricedata.low | asQHLast}{tradee.fundamental.week52low.content | asQHLast} – {tradee.fundamental.week52high.content | asQHLast}{tradee.pricedata.sharevolume | numeraljs ‘0,0.[00]a’}{tradee.premarket.sharevolume | numeraljs ‘0,0.[00]a’}{tradee.pricedata.volumechangepercent | numeraljs ‘0,0.[00]a’ ‘0’}{tradee.pricedata.totalvalue | numeraljs ‘0,0.[00]a’}{tradee.pricedata.tradevolume | numeraljs ‘0,0.[00]a’}

More {data.data.0.timezone | asTimezone tLang}

{data.popup.data.title}

.qtool{} .qmf-link { white-space: nowrap; }

.qmf-logo { padding-top: 5px; }

.qmf-rt, .qmf-non-rt { font-style: italic; font-weight: bold; }

.qmf-non-rt { color: #333; }

.qmf-rt { color: #080; }

.qmod-table tbody .qmod-col-symbol, .qmod-table tbody .qmod-col-name { color: #0b73be; text-decoration: underline; cursor: pointer; }

.qmod-table tbody .linker-active .qmod-col-symbol, .qmod-table tbody .linker-active .qmod-col-name, .qmod-table tbody .qmod-col-symbol:hover, .qmod-table tbody .qmod-col-name:hover { color: #485cc7; }

.qmod-table tbody .linker-active .qmod-col-name { background: transparent url(/wp-content/plugins/fool-wp-tickers/lib/qm-loading-spinner.svg) 98% center no-repeat; }

.qmod-volume-leaders .qmod-block-wrapper { margin: 0; }

.qmod-volume-leaders .qmod-block-wrapper .qmod-panel { padding: 0; }

.qmod-volume-leaders table thead th.sorting::after, .qmod-volume-leaders table thead th.sorting_asc::after, .qmod-volume-leaders table thead th.sorting_desc::after, .qmod-minimarketmovers table thead th.sorting::after, .qmod-minimarketmovers table thead th.sorting_asc::after, .qmod-minimarketmovers table thead th.sorting_desc::after { right: 6px; color: #6a6a6a !important; }

.qmod-volume-leaders > .qmod-heading, .qmod-volume-leaders .qmod-table-con > .qmod-tcell, .qmod-volume-leaders-table-title { display: none; }

.qtool{}

Financial Market Data copyright © 2023 QuoteMedia. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). RT=Real-Time, EOD=End of Day, PD=Previous Day. Market Data powered by QuoteMedia. Terms of Use.


QuoteMedia logo

The post TSX Today: Why Canadian Stocks Could Fall on Tuesday, January 31 appeared first on The Motley Fool Canada.

Just Released! 5 Stocks Under $50 (FREE REPORT)

Motley Fool Canada‘s market-beating team has just released a brand-new FREE report revealing 5 “dirt cheap” stocks that you can buy today for under $50 a share.

Our team thinks these 5 stocks are critically undervalued, but more importantly, could potentially make Canadian investors who act quickly a fortune.

Don’t miss out! Simply click the link below to grab your free copy and discover all 5 of these stocks now.

Claim your FREE 5-stock report now!

(function() { function setButtonColorDefaults(param, property, defaultValue) { if( !param || !param.includes('#')) { var button = document.getElementsByClassName("pitch-snippet")[0].getElementsByClassName("pitch-button")[0]; button.style[property] = defaultValue; } }

setButtonColorDefaults("#5FA85D", 'background', '#5FA85D'); setButtonColorDefaults("#43A24A", 'border-color', '#43A24A'); setButtonColorDefaults("#fff", 'color', '#fff');>

More reading

3 Great Foreign Companies to Invest in Right Now Passive-Income Investors: 2 TSX Dividend Stocks to Watch in February Algonquin Power & Utilities Stock Just Hit 52-Week Lows: Is it a Good Stock to Buy?  Better Buy: Enbridge Stock vs. Telus Air Canada – Its Moment Has Come

The Motley Fool has positions in and recommends Fairfax Financial and Shopify. The Motley Fool recommends Canadian Pacific Railway, Enbridge, Lightspeed Commerce, and Westshore Terminals Investment Corporation. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

https://www.fool.ca/2023/01/31/tsx-today-why-canadian-stocks-could-fall-on-tuesday-january-31/

Comments

Post a Comment

Popular posts from this blog

Get Rich With These High-Yield Canadian Dividend Stocks

Image
Dividend stocks are one of the smartest ways to create wealth in the long term. By investing in dividend-paying stocks, one can generate returns in two ways: dividends and capital appreciation. As top dividend-paying companies generally have well-established businesses and a growing earnings base, they generate steady capital gains in the long term. Further, the reinvestment of dividends allows investors to accumulate more shares and create wealth in the long term.  With this background, let’s zoom in on three high-yield Canadian stocks that can help you get rich over time.  Enbridge  Enbridge (TSX:ENB) is a must-have dividend stock, and there are solid reasons behind that. Besides offering a lucrative yield of 6.7% (based on its closing price of $53.14 on May 10), the company has a resilient business that consistently delivers steady growth.  Enbridge owns extensive midstream assets and transports oil and gas. In addition, Enbridge has interests in renewable energy faci...
Read more

How much dividend income can you earn?

Image
Passive income. It’s one of the most common financial goals for Canadian investors. Everybody likes making money on a stock trade, but what could be better than a stock that pays you income year in and year out? Such are the kinds of stocks that Warren Buffett and other long-term investors made their fortunes on. This raises a question: Is it possible to make a truly substantial amount of money – let’s say $1,000 per month – with just dividend stocks? Such a thing would be very helpful if it could be done. Consider that, $1,000 per month is more than what the average Canadian gets from the Canada Pension Plan (CPP). If you take the average CPP payment ($811) and add $1,000 per month in dividend income to it, you get to a sum of money that could potentially pay all of your bills. In this article, I will explore the topic of making money with dividend stocks. I will show how much money you’d need to invest to get $1,000 a month in dividend income. I will reveal a stock that...
Read more

RRSP Wealth - Two Top TSX Dividend Securities to Buy Now or Own for 25 Year

Image
The market pullback is giving Registered Retirement Savings Plan (RRSP) investors a chance to buy top Canadian dividend stocks at undervalued prices for a self-directed portfolio focused on long-term total returns. TC Energy TC Energy (TSX:TRP)(NYSE:TRP) has raised its dividend in each of the past 22 years, and investors should see the distribution continue to grow at a steady pace. The energy infrastructure giant operates natural gas pipelines, oil pipelines, and power-generation facilities in Canada, the United States, and Mexico. The $28 billion capital program is largely focused on expanding the natural gas pipeline business, which already boasts 93,000 km of infrastructure. TC Energy has assets that connect the Marcellus and Utica shale plays in the United States to the Gulf Coast, where liquified natural gas (LNG) facilities cool the gas to the point where it becomes liquid and can be shipped to international buyers. In Canada, TC Energy is building the Coastal GasLink pi...
Read more