This past week, the TSX reached a new intraday high, reflecting a buoyant market sentiment as investors gear up for the holiday season.
However, the rally has highlighted a significant divide among various indices, with some sectors outperforming others. As the festive season approaches, analysts are closely watching how consumer spending and holiday-related activities might influence market dynamics.
Holiday season impact on the market
The holiday season typically brings increased consumer spending, which can positively impact retail and consumer goods stocks. Investors are hopeful that this year’s festivities would bolster economic activity, especially in sectors that thrive during this time. However, the ongoing divide among indices suggests that not all sectors may benefit equally, prompting investors to remain vigilant and strategic in their stock selections.
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Spotlight on key stocks
In the mining sector, New Found Gold (TSXV:NFG, Forum) has initiated work towards a maiden resource estimate and preliminary economic assessment for its Queensway Project. Spanning 1,756 km² and located 15 km west of Gander, Newfoundland and Labrador, the project is accessible via the Trans-Canada Highway. New Found Gold has engaged SLR Consulting to deliver the maiden resource estimate and assessment, expected to be completed by Q2 2025.
This milestone is crucial as it will provide the first comprehensive assessment of the mineral inventory and project economics, including cash flows, net present value, internal rate of return, and payback period. SLR’s expertise in mineral resource estimation will be instrumental in identifying potential development scenarios and demonstrating the financial viability of the Queensway Project.
New Found Gold stock (TSXV:NFG) last traded at C$2.59.
Quarterhill (TSX:QTRH, Forum) recently announced its financial results for the three and nine months ended September 30, 2024. Highlights from Q3 2024 include:
- Revenue of US$38.0 million, up from US$34.1 million in Q3 2023.
- Adjusted EBITDA of US$2.8 million, compared to US$1.4 million in the same period last year.
- A revenue backlog of US$475 million as of September 30, 2024.
- New enforcement unit contracts announced in multiple regions, including Thailand and South Korea.
The company also received a US$3.8 million dividend from its stake in Wi-LAN Inc. and established a technical advisory committee to enhance its capabilities in transportation-related technologies. Despite a decrease in cash and cash equivalents to US$23.1 million, Quarterhill remains a major player in the intelligent transportation system industry.
Quarterhill stock (TSX:QTRH) last traded at C$1.55.
Tilray Brands’ (TSX:TLRY, Forum) subsidiary, Breckenridge Distillery, has launched its new Breckenridge Candy Cane Vodka just in time for the holiday season. This festive spirit, available in both 750ml and 50ml bottles, is 80 proof (40 per cent ABV) and can be enjoyed neat, on the rocks, or as a key ingredient in holiday cocktails. Retailers nationwide are now stocking this seasonal favorite, aiming to spread holiday cheer among consumers aged 21 and up.
In addition, Tilray’s other subsidiary, 10 Barrel Brewing Co., is hosting the 13th Annual Pray for Snow Party on November 16, 2024, in Bend, Oregon. This is a free, all-ages event with live performances, giveaways, and community engagement that celebrates the winter season. People can also look forward to the premiere of 10 Barrel athletes’ winter video project, “Beer Lodge.”
Tilray Brands stock (TSX:TLRY) last traded at C$2.03.
Bottom’s up
As the TSX continues to navigate a landscape marked by both highs and disparities, investors are encouraged to stay informed about market trends and individual stock performances. Keeping up with stock market news is essential for making informed investment decisions and ensuring due diligence during this dynamic period.
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(Top image generated with AI.)
