TSX Today: What to Watch for in Stocks on Thursday, May 21

Canadian equities staged a sharp recovery on Wednesday as U.S. president Donald Trump’s comments about the U.S.-Iran negotiations being in their final stages eased fears of prolonged supply disruptions. Hopes of a potential diplomatic breakthrough between Washington and Tehran, coupled with a recovery in metals prices, drove the S&P/TSX Composite Index up by 421 points, or 1.2%, to 34,162 — ending its two-day losing streak and helping the benchmark recover all of the losses from earlier in the week.

Even as falling oil prices pressured energy stocks, strong gains in most other key sectors, including consumer cyclicals, real estate, mining, and technology, helped lift the broader TSX index higher.

Top TSX Composite movers and active stocks

goeasy, Perpetua Resources, Seabridge Gold, and Bombardier were the top-performing TSX stocks for the day, with each climbing by more than 6%.

DPM Metals (TSX:DPM) was also among the day’s top gainers on the Toronto Stock Exchange, as it rose by nearly 4% to $44.49 per share. This rally in DPM stock came after the Toronto-headquartered gold mining firm reported new high-grade drilling results from its Wedge Zone Deep prospect at the Chelopech mine in Bulgaria.

The latest intercepts included 58 metres grading 15.28 grams per tonne gold equivalent and 81 metres grading 8.05 grams per tonne gold equivalent. DPM told investors that the mineralized zone is now defined over roughly 170 metres along strike and remains open in multiple directions. Notably, DPM stock has rallied by 130% over the last year.

On the flip side, Strathcona Resources, Vermilion Energy, Allied Gold, and Athabasca Oil slid by at least 4.4% each, making them the session’s worst-performing TSX stocks.

Based on their daily trade volume, Enbridge, Canadian Natural Resources, Cenovus Energy, Whitecap Resources, and BlackBerry were the five most active stocks on the exchange.

TSX today

Commodity prices across the board were mixed in early trading on Thursday, pointing to a flat opening for the resource-heavy main TSX index today.

Canadian investors will continue monitoring developments around the Iran negotiations after Tehran confirmed it is reviewing the latest U.S. peace proposal. While optimism around a potential deal could help improve sentiment, renewed threats from Iran’s Revolutionary Guard about extending the conflict beyond the region if U.S. attacks resume kept geopolitical risks elevated.

With no major domestic economic releases due, TSX investors will keep an eye on the latest manufacturing and services data from the U.S. this morning.

Market movers on the TSX today

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

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  More reading

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