TSX Today: What to Watch for in Stocks on Monday, May 2

0 0

The roller-coaster ride continued in the Canadian stock market on Friday, as shares turned negative again after staging a recovery in a previous couple of sessions. The TSX Composite Index fell by 1.7%, or 359 points, to settle at 20,762 on April 29. A sharp decline in real estate, technology, and energy sectors amid rising fears about an economic slowdown and a possible recession took the index downward.

With this, the main Canadian market gauge ended April with massive 5.2% losses, marking its worst monthly performance since March 2020. The TSX Composite benchmark, which was trading with over 3% gains at the end of March, is now down 2.2% on a year-to-date basis.

Top TSX movers and active stock

On Friday, NFI Group (TSX:NFI) tanked by 15% to $11.79 per share, making it the worst-performing stock on the index for the trading session. These massive losses in NFI stock came after the Canadian electric bus maker lowered its fiscal 2022 EBITDA guidance, citing the negative impact of supply chain disruptions and heightened inflationary pressures on its manufacturing process. NFI added that shortages of microprocessor chips are likely to hurt its vehicle deliveries in the second and third quarters. Year to date, NFI stock has seen 42% value erosion.

CAE, Eldorado Gold, and Baytex Energy were also among the worst-performing TSX stocks in the last session, as they fell by at least 7.6% each.

On the positive side, shares of some companies like Canopy Growth, Agnico Eagle Mines, and Altus Group rose by more than 4% each, making them the top performers for the day.

Based on their daily trade volume, energy stocks like Cenovus Energy, Enbridge, Baytex Energy, and Suncor Energy were the most active TSX stocks. About 16.6 million shares of Cenovus Energy changed hands on the exchange on April 29.

TSX today

Early Monday morning, most commodities — especially silver and copper — dived deep into the red. While U.S. stock futures were showcasing minor strength before the market opening bell, growing fears about new COVID-related restrictions in China worsening the global supply chain crisis could continue to take a toll on investors’ sentiments. As a result, I expect the TSX Composite benchmark to open lower today, with most commodity-linked stocks leading the losses.

Earnings events and economic data in Canada today

While no major domestic economic releases are due today, Canadian investors may want to keep a close eye on the latest manufacturing PMI data from the U.S. market this morning. On the corporate events front, several Canadian companies, including Nutrien, Gibson Energy, TMX Group, MEG Energy, Capital Power, Sandstorm Gold, Cargojet, and New Gold, are likely to release their latest quarterly earnings reports on May 2.

The post TSX Today: What to Watch for in Stocks on Monday, May 2 appeared first on The Motley Fool Canada.

Should You Invest $1,000 In Nfi Group Inc.?

Before you consider Nfi Group Inc., we think you’ll want to hear this.

Our nearly S&P/TSX market doubling* Stock Advisor Canada team just released their top 10 starter stocks for 2022 that we believe could be a springboard for any portfolio.

Want to see if Nfi Group Inc. made our list? Get started with Stock Advisor Canada today to receive all 10 of our starter stocks, a fully stocked treasure trove of industry reports, two brand-new stock recommendations every month, and much more.

See the 10 Stocks
* Returns as of 4/14/22

setButtonColorDefaults(“#5FA85D”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43A24A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);

More reading

3 Undervalued TSX Stocks That Could at least Double Your Money
2 Value Stocks That Could Be Big Winners

The Motley Fool has positions in and recommends ALTUS GROUP and CARGOJET INC. The Motley Fool recommends Enbridge, NFI Group, Nutrien Ltd, and TMX GROUP INC. / GROUPE TMX INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

 57 total views,  2 views today

Leave A Reply

Your email address will not be published.

Generated by Feedzy