TSX Today: What to Watch for in Stocks on Wednesday, April 22

Canadian stocks posted a steep decline on Tuesday after continued uncertainty about U.S.-Iran negotiations and the ceasefire led to a sharp intraday bounceback in crude oil but drove metals prices lower. The S&P/TSX Composite Index plunged by 552 points, or 1.6%, to settle at 33,808 — registering its steepest single-day percentage decline in a month to close at its lowest level in more than a week.

Nearly all key market sectors ended the session in the red, with mining, technology, and utility stocks leading the sell-off, as investors reacted to rising volatility in commodity markets and a broader risk-off sentiment.

Top TSX Composite movers and active stocks

Shares of G Mining Ventures (TSX:GMIN) dived by over 11% to $49.59 per share, making it one of the worst performers on the Toronto Stock Exchange. These declines in GMIN stock came after the Brossard-based mining firm posted preliminary first-quarter gold production of 31,846 ounces from its Tocantinzinho mine. The production was lower compared to previous quarters, mainly due to the planned processing of lower-grade ore and increased waste stripping, which pushed the strip ratio up to 4.4 times.

While G Mining said results were in line with expectations and maintained its full-year production guidance of 160,000 to 190,000 ounces, output is expected to be weighted toward the second half of the year. GMIN stock fell as investors reacted to weaker gold and silver prices, coupled with the company’s weaker near-term production and lower grades.

NovaGold Resources, Orla Mining, and Sprott were also among the day’s worst-performing TSX stocks, with each falling by more than 10%.

Despite the broader market selloff, Methanex, Superior Plus, Athabasca Oil, and Vermilion Energy climbed by at least 3% each, making them the session’s top-performing TSX stocks.

Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Royal Bank of Canada, Baytex Energy, and TC Energy were the five most active stocks on the exchange.

TSX today

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

However, Canadian investors may also welcome U.S. president Donald Trump’s move to extend the ceasefire with Iran to allow more time for negotiations, easing immediate fears of further escalation in the region.

That said, uncertainty persists as Iran has yet to confirm its participation in the next round of talks, and tensions in the Strait of Hormuz remain elevated after multiple vessels were reportedly fired upon. These developments continue to keep oil prices volatile, a factor that could also weigh on broader market sentiment.

As the first-quarter corporate earnings season begins, the TSX-listed Waste Connections, Rogers Communications, and Metro will release their latest financial reports today, which could keep their shares in focus throughout the session.

Market movers on the TSX today

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  The post TSX Today: What to Watch for in Stocks on Wednesday, April 22 appeared first on The Motley Fool Canada.

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  Fool contributor Jitendra Parashar has positions in Canadian Natural Resources and Waste Connections. The Motley Fool has positions in and recommends Waste Connections. The Motley Fool recommends Canadian Natural Resources, Methanex, Rogers Communications, Superior Plus, and Vermilion Energy. The Motley Fool has a disclosure policy.