TSX Today: What to Watch for in Stocks on Tuesday, March 24

Canadian stocks bounced back sharply to start the week on a strong note after U.S. president Donald Trump’s claim of potential progress in U.S.-Iran negotiations eased some geopolitical concerns and lifted overall market sentiment. As hopes of easing geopolitical tensions led to a steep intraday drop in oil prices, the S&P/TSX Composite Index jumped by 566 points, or 1.8%, to settle at 31,884 — marking its best single-day performance in over a month.

While nearly all key market sectors ended the session in the green, the TSX rally was mainly driven by solid intraday gains in mining, consumer discretionary, and technology stocks.

Trump stated that a deal with Iran could be reached soon if talks continue to progress. He also indicated that further negotiations are underway, signaling a possible shift toward a diplomatic resolution after weeks of escalating conflict.

Top TSX Composite movers and active stocks

Transcontinental (TSX:TCL.A) rocketed by 44% to $4.82 per share, making it the top-performing TSX stock for the day. While there was no apparent company-specific news driving the surge, the stock experienced a temporary trading halt shortly after the open due to a single-stock circuit breaker triggered by extreme volatility.

Trading in Transcontinental stock was briefly paused by the Canadian Investment Regulatory Organization (CIRO) and resumed minutes later once price stability improved. The sharp move also came amid recent analyst adjustments, including a revised target price reflecting a special cash distribution tied to the company’s packaging business sale.

AbraSilver Resource, Americas Gold and Silver, and Boralex were also among the day’s top gainers on the Toronto Stock Exchange, as they surged by at least 8.6% each.

On the flip side, Vermilion Energy, International Petroleum, Methanex, and Peyto Exploration & Development slipped by at least 3.2% each, making them the session’s worst-performing TSX stocks.

Based on their daily trade volume, New Gold, Canadian Natural Resources, Power Corporation of Canada, TC Energy, and Whitecap Resources were the five most active stocks on the exchange.

TSX today

West Texas Intermediate (WTI) crude oil and precious metals prices were largely mixed in early morning trading on Tuesday, pointing to a flat open for the resource-heavy main TSX index today.

While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest manufacturing and services purchasing managers’ index (PMI) data from the United States this morning. More importantly, new developments related to the ongoing U.S.-Israel-Iran conflict will continue to be on investors’ radar.

On the corporate events front, the TSX-listed discount retailer Dollarama will release its latest quarterly earnings report today. Street analysts expect the Mount Royal-based firm to post earnings of $1.41 per share for the January quarter with nearly $2.1 billion in quarterly revenue.

Market movers on the TSX today

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The post TSX Today: What to Watch for in Stocks on Tuesday, March 24 appeared first on The Motley Fool Canada.

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More reading

• The Best Stocks to Invest $1,000 in Right Now
• 3 Canadian ETFs I’d Hold in a TFSA and Never Sell
• TFSA Millionaire Goals: Here’s How Much You Should Save Monthly
• How to Budget for 30 Years of Retirement Without Running Out
• 4 TSX Dividend Champions Every Retiree Should Consider

Fool contributor Jitendra Parashar has positions in Canadian Natural Resources and Dollarama. The Motley Fool recommends Canadian Natural Resources, Dollarama, International Petroleum, Methanex, Vermilion Energy, and Whitecap Resources. The Motley Fool has a disclosure policy.