TSX Today: What to Watch for in Stocks on Tuesday, March 17

Canadian equities started the new week on a strong note as much cooler-than-expected domestic consumer inflation data and intraday declines in crude oil prices gave investors reasons to cheer despite the ongoing geopolitical crisis in Western Asia and the Middle East. The S&P/TSX Composite Index inched up by 335 points, or 1%, to settle at 32,877 — staging a sharp recovery from its lowest level in a month.

All key market sectors ended the session in the green, but the market rally was mainly led by solid gains in financials, consumer cyclical, and technology stocks.

Canada’s easing inflation raises rate cut hopes

According to Statistics Canada’s latest report, the consumer price index (CPI) rose 1.8% year over year in February, slowing from 2.3% in January and marking a continued easing trend. This deceleration in inflation was largely driven by base-year effects tied to the end of a temporary GST/HST tax break in early 2025, which had previously lifted prices.

The cooler inflation print has strengthened expectations that the Bank of Canada (BoC) could cut rates further in the near term.

Top TSX Composite movers and active stocks

Altus Group, Lundin Gold, NFI Group, and 5N Plus were the top-performing TSX stocks for the day, with each climbing by more than 5%.

Similarly, MDA Space (TSX:MDA) inched up nearly 4% to $42.88 per share, making it one of the top gainers on the Toronto Stock Exchange. This rally in MDA stock came after the Toronto-based space technology firm announced the closing of its initial public offering in the United States and the listing of its shares on the New York Stock Exchange.

Notably, MDA issued 9.8 million common shares at US$30.50 each, raising approximately US$300 million in gross proceeds. The company plans to use these funds to support growth initiatives, expand its customer base, pursue strategic opportunities, and repay a portion of outstanding debt. The successful U.S. listing and sizable capital raise appear to have boosted investor confidence in MDA’s long-term expansion plans.

In contrast, shares of Nutrien, goeasy, Denison Mines, and NexGen Energy were the worst-performing TSX stocks, as they slipped by at least 3.1% each.

Based on their daily trade volume, Canadian Natural Resources, Tourmaline Oil, Enbridge, Cenovus Energy, and B2Gold were the five most active stocks on the exchange.

TSX today

Commodity prices across the board were largely mixed in early Tuesday trading, pointing to a flat open for the resource-heavy main TSX index today. However, escalating geopolitical tensions could continue to limit the upside for equities as fresh reports highlighted renewed Iranian strikes on Gulf infrastructure and military-linked targets, keeping the risk of supply disruptions elevated. These developments have already triggered a rebound in global oil prices, reversing part of the previous session’s decline and adding uncertainty to the near-term outlook for energy markets.

In addition, BoC’s and the U.S. Federal Reserve’s interest rate decisions and press conferences will remain on TSX investors’ radar today. While both central banks are widely expected to keep their benchmark rates unchanged this time, investors will closely watch their policy statements and forward guidance for any signals on the timing of further rate cuts.

On the corporate events side, the convenience stores operator Alimentation Couche-Tard will announce its latest quarterly results today after the market closing bell, which could keep its stock in focus throughout the session.

Market movers on the TSX today

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  More reading

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  Fool contributor Jitendra Parashar has positions in Alimentation Couche-Tard, Canadian Natural Resources, Enbridge, and MDA Space. The Motley Fool has positions in and recommends Alimentation Couche-Tard and Altus Group. The Motley Fool recommends B2Gold, Canadian Natural Resources, Enbridge, MDA Space, NFI Group, Nutrien, and Tourmaline Oil. The Motley Fool has a disclosure policy.