The stock market in Canada extended its bull run for the eighth consecutive session, as signs of cooling domestic inflationary pressures cheered investors. The TSX Composite Index rose by 67 points, or 0.3%, for the session to settle at 20,457. With this, the market benchmark posted its longest winning streak since October 2021. Statistics Canadaâs latest report revealed that the consumer price index saw a 6.3% year-over-year increase in December compared to a 6.8% jump seen in the previous month.
On the one hand, a downward reversal in precious metals prices drove the shares of metals and mining companies lower. On the other hand, other stock market sectors like utilities, healthcare, real estate, and energy inched up to help the TSX benchmark end the day with optimism.
Shares of Bombardier (TSX:BBD.B) rallied by 9.5% to $62.29 per share after the Canadian business jet maker announced its preliminary financial results for 2022. Bombardier now expects its full-year 2022 revenue to be around $6.9 billion against its earlier guidance of more than $6.5 billion. Similarly, it expects to report approximately $930 million in full-year adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) compared to its previous guidance of over $825 million. Bombardier also said it would release its final 2022 financial report next month on February 9. After gaining 24.5% in 2022, its share prices have risen 19.2% in January so far.
Algonquin Power & Utilities, Tamarack Valley Energy, and ARC Resources were also among the top-performing TSX stocks yesterday, as they climbed by at least 3.9% each.
In contrast, falling metals prices drove the shares of K92 Mining, Centerra Gold, NovaGold Resources, MAG Silver, and IAMGOLD down by at least 4% each, making them the worst performers on the Toronto Stock Exchange.
Based on their daily trade volume, Toronto-Dominion Bank, Enbridge, TC Energy, and Royal Bank of Canada were the most active Canadian stocks.
Gold prices continued to trade on a bearish note early Wednesday morning, while crude oil prices showcased minor strength. Given these mixed signals from the commodities market, I expect the resource-heavy TSX index to open on a flat note today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the important retail sales and producer price index data from the U.S. market this morning.
The post TSX Today: What to Watch for in Stocks on Wednesday, January 18 appeared first on The Motley Fool Canada.
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The Motley Fool recommends Centerra Gold and Enbridge. The Motley Fool has a disclosure policy. Fool contributorÂ Jitendra ParasharÂ has no position in any of the stocks mentioned.
By: Jitendra ParasharTitle: TSX Today: What to Watch for in Stocks on Wednesday, January 18Sourced From: www.fool.ca/2023/01/18/tsx-today-what-to-watch-for-in-stocks-on-wednesday-january-18/Published Date: Wed, 18 Jan 2023 08:00:00 +0000