Weakening metals prices and renewed inflation worries could drive TSX stocks lower at the open today.
The Canadian equities market reversed on Thursday after the U.S. inflation numbers for January came in higher than expected. The S&P/TSX Composite Index fell by 0.3%, or 72 points, for the session to settle at 21,532. While renewed worries about high inflation drove tech stocks lower, a pullback in commodity prices also hurt energy and metals mining stocks.
The latest weekly jobless claims in the U.S. showcased improvement. But it couldn’t offset worries triggered by the high consumer prices data.
Top TSX movers and active stocks
The shares of Canada Goose Holdings (TSX:GOOS)(NYSE:GOOS) tanked by 16% yesterday to $36.50 per share after the company released its Q3 of the fiscal year 2022 report. In the December quarter, the company’s total revenue stood at $586 million — up 23.7% year over year. Its adjusted earnings for the quarter rose by 41% from a year ago to $1.42 per share, but missed analysts’ expectations by a narrow margin. More importantly, the company cut its fiscal year 2022 guidance, citing challenges posed by the new COVID variant outbreaks and restrictions and lower-than-expected sales in some regions.
Ritchie Bros Auctioneers, Sun Life Financial, Denison Mines, and Agnico Eagle Mines were also among the worst-performing TSX stocks on Thursday, as they fell by at least 4% each.
On the positive side, some Canadian stocks, like Brookfield Asset Management, Manulife Financial, Finning International, and RioCan REIT rose by more than 3% each, making them the top-performing stocks on the main index.
Based on their daily trade volume, Manulife Financial, Bombardier, and Enbridge were the most active stocks on the exchange.
After trading on a firm note in the previous couple of sessions, metals prices were witnessing a sharp correction early Friday morning. This factor, along with high inflation concerns, could take most TSX stocks lower at the open today. This morning, investors are likely to pay close attention to the prelim consumer sentiment report from the U.S. market.
On the corporate events front, large Canadian companies, like Enbridge, Fortis, and Magna International, are set to announce their latest quarterly results on February 11.
This article was written by Jitendra Parashar from Motley Fool