TSX Today: What to Watch for in Stocks on Wednesday, July 8

Despite falling metals prices, the Canadian stock market trended higher on Tuesday as a rebound in oil and gas prices and renewed buying in growth-oriented stocks lifted investor sentiment. The S&P/TSX Composite Index inched up by 60 points, or 0.2%, to settle at 35,273, extending its stay above the key 35,000 mark despite weakness in precious metals.

While sharp declines in metals and mining stocks limited the broader market’s gains, strength in most other key sectors, including energy, technology, and industrials, helped keep the TSX benchmark in positive territory.

Top TSX Composite movers and active stocks

Methanex, South Bow, Spartan Delta, and ARC Resources were the top-performing TSX stocks for the day, with each climbing by more than 4%.

However, Americas Gold and Silver, Avino Silver & Gold Mines, Hudbay Minerals, and Energy Fuels dived by at least 6.6% each, making them the session’s worst-performing TSX stocks.

Trekor Metals (TSX:TKO) was also among the session’s bottom performers on the Toronto Stock Exchange as its shares plunged by 6.3% to $9.27 apiece. This selloff in TKO stock came even after the Vancouver-based firm announced progress on the environmental assessment for its Yellowhead copper project in British Columbia by submitting a detailed project description to provincial regulators.

Trekor also released a new economic impact study highlighting the project’s potential to generate about $47 billion in economic output and become Canada’s second-largest copper producer. Despite the positive project update, investor sentiment remained weak. The decline in TKO stock likely reflected broader pressure on metal mining shares as copper and other metal prices fell during the session, overshadowing the company’s long-term development progress.

Based on their daily trade volume, Canadian Natural Resources, TD Bank, TC Energy, Cenovus Energy, and Telus were the five most active stocks on the exchange.

TSX today

Gold and silver prices fell further in early trading on Wednesday, while crude oil prices extended their recent gains after U.S. president Donald Trump declared the interim ceasefire agreement with Iran “over,” raising fresh concerns about geopolitical tensions and pointing to a potentially mixed start for the commodity-heavy TSX index today.

With no major domestic economic releases due this morning, Canadian investors will keep a close eye on the latest Federal Open Market Committee (FOMC) meeting minutes for fresh clues on the Fed’s interest rate outlook. Meanwhile, any further developments surrounding U.S.-Iran tensions could also influence investor sentiment across North American equity markets.

Market movers on the TSX today

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  The post TSX Today: What to Watch for in Stocks on Wednesday, July 8 appeared first on The Motley Fool Canada.

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  More reading

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  Fool contributor Jitendra Parashar has positions in Canadian Natural Resources and Toronto-Dominion Bank. The Motley Fool recommends Canadian Natural Resources, Methanex, and TELUS. The Motley Fool has a disclosure policy.