Canadian stocks saw an accelerated rally on Wednesday, driven mainly by surging metals and crude oil prices, even though the minutes from the U.S. Fed’s June meeting hinted that rate cuts are unlikely in the near term without clearer signs of a sustained drop in inflationary pressures. The S&P/TSX Composite Index jumped by 270 points, or 1.2%, yesterday to settle at 22,224 — closing above the crucial 22,000 level for the first time since June 10.
Despite losses in many industrial and tech stocks, solid gains in other key sectors, like mining, healthcare, and financials, guided the TSX benchmark upward.
The latest minutes of the Federal Open Market Committee emphasized the need for more data before considering rate cuts, stating that the committee “did not expect that it would be appropriate to lower the target range for the federal funds rate until additional information had emerged.”
Top TSX Composite movers and active stocks
Wesdome Gold Mines (TSX:WDO) inched up by 7% to $11.91 per share, making it one of the top-performing TSX stocks for the day. This rally in WDO stock came after the Toronto-headquartered gold producer announced the extension and confirmation of high-grade mineralization across multiple zones near the Eagle River Mine in Wawa, Ontario.
With its ongoing 2024 exploration program, Wesdome plans to expand the existing resource base and integrate findings into asset optimization studies to extend mine life and enhance mill utilization. On a year-to-date basis, WDO stock is now up around 55%.
Calibre Mining, SSR Mining, and New Gold were also among the session’s top gainers on the Toronto Stock Exchange, rising at least 6.7% each.
In contrast, Brookfield Business Partners and Bausch Health Companies slipped by at least 2.7% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, TC Energy, TD Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia, and National Bank of Canada were the five most active stocks on the exchange.
TSX today
After posting strong gains in the previous session, most commodity prices were mixed early Thursday morning, pointing to a flat opening for the resource-heavy main TSX index today.
Although there are no major economic announcements expected today, TSX stocks could still experience volatility as investors react to ongoing uncertainties about rate cuts in the United States. Meanwhile, U.S. markets will take a break for Independence Day on July 4.
Market movers on the TSX today
