TSX Today: Why Record-Breaking Rally Could Extend on Thursday, March 28

The main TSX index closed above the 22,000 level for the first time yesterday and remains on track to post the fifth consecutive winning month.

| More on:
tsx today

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

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool recommends B2Gold, Brp, Canadian Natural Resources, and Tilray Brands. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, April 23

Important economic data from the United States could keep TSX stocks volatile this morning as falling metal prices pressure the…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, April 22

Overnight losses in commodity prices, especially in gold and silver, could pressure the main TSX index at the open today.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, April 19

The main TSX index seems on track to post another losing week as it currently trades with 0.9% week-to-date losses.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, April 18

Rising metal prices could lift the main TSX index at the open today as focus remains on the ongoing geopolitical…

Read more »

edit Business accounting concept, Business man using calculator with computer laptop, budget and loan paper in office.
Stock Market

Waiting for a Market Pullback With the S&P 500 at All-Time Highs? Here’s Why You Probably Shouldn’t

Are you waiting for a market pullback to invest in stocks? Spending time in the market can give you better…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, April 17

After climbing to its historical highs last week, the main TSX index has shed over 3% of its value in…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, April 16

Canada’s latest consumer inflation report and the ongoing geopolitical tensions in the West Asia region could keep TSX stocks volatile…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, April 15

TSX investors may want to remain cautious, as any major update related to the ongoing Iran-Israel conflict could increase market…

Read more »