TSX Today: Stocks to Watch on Wednesday, October 5

On Tuesday, Canadian stocks rose for the second session as the October relief rally continued despite weaker-than-expected U.S. job openings data. The TSX Composite Index grew by 490 points, or 2.6%, throughout the day to close at 19,371, the highest level since September 16. While the session ended in the green for all significant exchange sectors, shares of healthcare, technology, and energy businesses mostly drove the market upswing. As a result, the primary Canadian market index has increased by 5% during the past few sessions.

Top TSX movers and active stocks

The largest TSX gainer on October 4 was Shopify (TSX:SHOP), whose share price increased by 12.7% to $42.61. Although there was no significant company-specific news, yesterday’s significant gains in SHOP stock could be linked to a comeback in the entire IT industry. This comes after the stock on September 29 hit its lowest level since 2019 and only a few days earlier. Shopify stock is still down more than 75% year to date despite its recent comeback.

Among the best-performing Canadian equities, yesterday were Bombardier, Centerra Gold, Nuvei, and MEG Energy, each of which increased by more than 9%.

On the downside, shares of Hudbay Minerals and Dye & Durham declined by at least 2% each in the most recent session, making them the worst TSX performers.

According to daily transaction volume, the most active TSX Composite components were Toronto-Dominion Bank, Bank of Nova Scotia, Baytex Energy, and Cenovus Energy. Yesterday, about 15.7 million shares of TD Bank were traded on the exchange.

TSX today

Early on Wednesday morning, West Texas Intermediate crude oil prices were still rising, suggesting that the commodity-heavy TSX benchmark might open somewhat higher today. However, this morning’s monthly non-farm employment and non-manufacturing purchasing managers index data from the U.S. market would interest Canadian investors. These data could provide more guidance for the stock market. Additionally, today’s weekly data on U.S. crude oil stockpiles will be watched by energy markets.

Stocks of Canadian firms Richelieu Hardware, Tilray Brands, and MTY Food Group may experience continued volatility in the short term as they prepare to issue their most recent quarterly results reports.