The Canadian stock market turned positive on Wednesday to close at all-time highs as a recovery across sectors, along with strength in commodity prices, boosted investors’ confidence. The S&P/TSX Composite Index inched up by 195 points, or 0.9%, yesterday to 22,107 — settling above the important 22,000 level for the first time.
While all main TSX sectors ended the session in the green territory, the market rally was primarily driven by solid gains in healthcare, mining, consumer cyclical, and real estate stocks.
Top TSX Composite movers and active stocks
MAG Silver, Tilray, and New Gold were the top-performing TSX stocks for the day, climbing by at least 7.5% each.
Alamos Gold (TSX: AGI) was also among the top gainers on the Toronto Stock Exchange as its share prices surged 6.9% to $19.72 per share. This rally in AGI stock came after the Toronto-headquartered gold producer announced the acquisition of Argonaut Gold, which could create one of Canada’s most cost-efficient gold mines by combining Alamos’s Island Gold mine with Argonaut’s adjacent Magino mine in Ontario.
This strategic acquisition is likely to significantly increase Alamos’s gold production capacity to over 600,000 ounces annually, with potential future growth to exceed 900,000 ounces while unlocking approximately US$515 million in synergies. Besides an intraday rally in gold prices, this announcement could be the primary reason for driving AGI stock higher yesterday.
In contrast, TC Energy and Celestica were the day’s bottom-performing TSX stocks, as they slipped by at least 1.9% each.
According to the exchange’s daily trade volume data, TC Energy, Suncor Energy, Canadian Natural Resources, Power Corporation of Canada, and B2Gold were the five most active stocks.
TSX today
After reaching record closing levels in the previous session, gold prices were extending gains early Thursday morning. This rally and bullish crude oil prices could drive the commodity-heavy main TSX index higher at the open today.
TSX investors may want to closely monitor the GDP (gross domestic product) growth data from the United States and Canada this morning, which could give further direction to stocks.
On the corporate events side, before the market opening bell, BRP (TSX: DOO) reported a mixed financial performance for the fourth quarter of its fiscal year of 2024 (ended in January). In the fourth quarter, the company saw a 12.5% year-over-year decline in revenue and a significant drop of 48.5% in net income due mainly to lower shipments and unfavourable winter conditions impacting its snow-related business. These results could keep BRP stock highly volatile today, as it currently trades with 9% year-to-date losses.
Market movers on the TSX today
