Sharesight users' top 20 trades in TSX stocks for 2023

Each year, Sharesight looks back at the top 20 buy and sell trades made by Sharesight users throughout the year. Welcome to the 2023 edition of our annual trading snapshot, where we explore the top trades users made in stocks on the Toronto Stock Exchange (TSX), plus the market-moving news behind some of these stocks.

Top 20 TSX stocks traded in 2023

In this annual snapshot, buy trades were led by Enbridge (TSX: ENB), which saw its share price gradually decline throughout 2023, ultimately ending the year down over 8% (as at the time of publishing). Sell trades were led by Toronto Dominion Bank (TSX: TD), which saw its share price peak in February before plummeting steeply in March and stabilising throughout the rest of 2023, ending the year down over 3%. Overall, it was a year dominated by trades in banking and energy stocks, with half of the top 20 trades belonging to stocks in these sectors.

Let’s look at the news behind some of the key stocks in this year’s snapshot:

Enbridge (TSX: ENB)

• May: Enbridge share price drops despite better-than-expected Q1 earnings
• September: Enbridge shares hit 2-year low following announcement of Dominion Energy acquisition
• November: Enbridge profit beats analysts’ expectations
• December: Pembina Pipeline to buy Enbridge’s JV interests for CAD$3.1 billion

Toronto Dominion Bank (TSX: TD)

• April: TD named world’s most shorted banking stock
• July: TD shares fell 6.3% in the first half of 2023
• August: Quarterly profit falls on rising loan-loss provisions
• December: TD reports weak Q4 earnings amid layoffs and loan-loss provisions

Telus Corp (TSX: T)

• January: Telus acquires WillowTree for CAD$1.2 billion
• May: Q1 earnings miss estimates; revenue rises YoY
• November: Telus CEO purchases CAD$10 million-worth of shares
• December: Telus faces 400% increase in copper wire thefts in Calgary

Bank of Nova Scotia (TSX: BNS)

• March: Scotiabank shares plummet on lacklustre Q1 earnings
• May: Shares fall as Scotiabank misses profit estimates
• August: Shares rise despite Q3 earnings miss
• November: Scotiabank falls short of quarterly profit forecasts; expects ‘marginal’ 2024 growth

Royal Bank of Canada (TSX: RY)

• April: RBC becomes world’s largest financier of fossil fuels
• May: Misses profit estimates due to higher loan-loss provisions
• August: Plans to cut thousands of jobs
• December: RBC to take over HSBC Canada in CAD$13.5 billion deal

Algonquin Power (TSX: AQN)

• April: Algonquin Power terminates deal to acquire Kentucky Power
• June: Hedge fund Starboard purchases 5% stake in Algonquin
• August: Considers sale of renewable energy arm
• November: Narrows loss in Q3, however revenue falls more than expected

TC Energy: (TSX: TRP)

• April: TC Energy beats Q1 profit estimates
• July: Shares drop on oil pipeline spinoff plans
• October: TC Energy plans to sell US$10 billion-worth of assets
• December: TC Energy’s Coastal GasLink sues pipeline contractor for CAD$1.2 billion over delays

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FURTHER READING

• Subscribe to Sharesight20 trading snapshots
• How Sharesight calculates your investment performance
• Sharesight users' top 20 trades in US stocks for 2023
• Sharesight users' top 20 trades in TSE stocks for 2022