TSX Today: What to Watch for in Stocks on Monday, May 9

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Canadian equities market traded on a weak note on Friday, as investors continued to digest the Federal Reserve’s latest interest rate decision. The S&P/TSX Composite Index ended the session with a 63-point, or 0.3%, decline at 20,633, with steep declines in sectors like healthcare, technology, and financials. While rising crude oil prices helped energy stocks climb, weakening metals prices drove a selloff in metals mining shares.

With this, the main TSX index has consistently been sliding down for the last the six weeks, losing nearly 6.2% of its value during this period.

Top TSX movers and active stock

The shares of Martinrea International (TSX:MRE) popped by 14.6% on May 6 to $8.71 per share, making it the top gainer TSX stock for the day. This massive rally in Martinrea stock came a day after the company released its upbeat Q1 results. In the March quarter, the Vaughan-based automotive supplier’s total revenue rose by 15.8% from a year ago to $1.16 billion, exceeding analysts’ expectations of $997 million. Improving volume and mix helped Martinrea International post a strong $0.31 per share in adjusted earnings, crushing Street’s estimates of $0.11 per share.

Trisura Group and Kinaxis were also among the top-performing TSX stocks on Friday, as they inched up by more than 7% each.

In contrast, Shopify, Aritzia, IGM Financial, Dye & Durham, and Hut 8 Mining lost more than 6% each, making them the worst-performing TSX Composite components for the day.

Based on their daily trade volume, Enbridge, Manulife Financial, Cenovus Energy, and Bombardier were the four most active stocks on the exchange.



TSX today: Top earnings and economic events

Early Monday morning, commodity prices across the board were trading with steep losses, which could pull the commodity-heavy TSX index down at the open today. While no important economic event is due today, investors would continue to focus on the latest corporate earnings releases. Canadian companies like Suncor Energy, Hudbay Minerals, Boardwalk REIT, Ritchie Bros. Auctioneers, Element Fleet Management, Finning International, RioCan  REIT, CT REIT, and Ero Copper are expected to announce their latest quarterly results today.

The post TSX Today: What to Watch for in Stocks on Monday, May 9 appeared first on The Motley Fool Canada.

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The Motley Fool has positions in and recommends Shopify and TRISURA GROUP LTD. The Motley Fool recommends ARITZIA INC, Enbridge, KINAXIS INC, and Ritchie Bros. Auctioneers Incorporated. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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