TSX: Stocks on track to End Q12023 in Green


tsx today

The Canadian stock market continued to rally for the sixth session in a row as weaker-than-expected growth in the U.S. GDP (gross domestic product) lowered the possibility of aggressive interest rate hikes in the near term. The S&P/TSX Composite Index climbed 103 points, or 0.5%, on Thursday to 19,941, extending the benchmark’s week-to-date gains to a solid 2.3%.

While all major stock market sectors, except healthcare, ended the day in green, strong gains in utility, real estate, and consumer-noncyclical stocks primarily drove the market up.

Top TSX Composite movers and active stocks

Filo MiningDenison MinesCapstone Copper, and Endeavour Silver were the top-performing TSX Composite components yesterday, as they inched up by at least 4.9% each.

On the flip side, shares of K92 Mining (TSX:KNT) dived 4.3% to $7.80 per share after its weaker-than-expected fourth-quarter results came out. Although the Vancouver-headquartered metal miner’s revenue in the December quarter rose 14.9% year over year to US$62 million, it missed Street analysts’ estimate of US$66.7 million.

Despite its record quarterly ore processed, K92 Mining’s adjusted earnings fell 14.3% from a year ago to US$0.06 per share, partly due to weaker commodity prices. With this, its quarterly earnings figure also missed Street’s estimate of US$0.08 per share. On a year-to-date basis, KNT stock now trades with 1.7% year-to-date gains.

Cronos GroupNuVista Energy, and Tilray Brands were also among the bottom performers on the Toronto Stock Exchange in the last session, as they slipped by at least 2.6% each

Based on their daily trade volume, TC EnergyAlgonquin Power & UtilitiesBank of Nova Scotia, and TD Bank were the most active Canadian stocks of the day.

TSX today

The resource-heavy TSX index could open slightly lower from its previous closing today, as commodity prices across the board were trading on a bearish note early Friday morning. Nonetheless, the market index remains on track to end the first quarter of 2023 in positive territory, as it has already gained 2.9% on a quarter-to-date basis.

Besides domestic monthly GDP numbers, Canadian investors may also want to closely monitor the latest personal consumption expenditure data from the U.S. market this morning.

On the corporate events side, the Toronto-headquartered NorthWest Healthcare Properties REIT is expected to announce its fourth-quarter results on March 31.

Market movers on the TSX today

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The post TSX Today: Stocks on Track to End Q1 2023 in Green appeared first on The Motley Fool Canada.

Should You Invest $1,000 In K92 Mining?

Before you consider K92 Mining, you’ll want to hear this.

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See the 5 Stocks * Returns as of 3/7/23

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More reading

Revealed: The Canadian Stock I’ll Probably Be Buying Hand Over Fist in April Better RRSP Buy: BCE Stock or Enbridge Stock? TFSA: 3 of the Best Canadian Dividend Stocks to Buy This Year Why I’ll Continue Drip-Feeding This Superb Dividend Stock, Recession or Not TFSA Investors: Earn $60/Month With These 2 Top Dividend Stocks

The Motley Fool recommends Bank Of Nova Scotia and NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

https://www.fool.ca/2023/03/31/tsx-today-stocks-on-track-to-end-q1-2023-in-green/

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