Consistent gains in commodity prices across the board and the latest U.S. wholesale inflation data, which largely matched expectations, propelled Canadian stocks to new heights on Thursday. Not only did the S&P/TSX Composite Index reach a record intraday high of 23,483, but it also ended the day at a fresh all-time high of 23,475, up by 264 points or 1.1%.
Despite minor weakness in healthcare stocks, strong gains in other key sectors, such as mining, utilities, and consumer, mainly drove the TSX benchmark higher.
According to the U.S. Bureau of Labour Statistics, the country’s Producer Price Index (PPI) saw a 0.2% rise in August, following no change in July. While prices for goods remained unchanged, an increase in prices for final-demand services led to an uptick in wholesale inflation last month.
Top TSX Composite movers and active stocks
Shares of B2Gold (TSX:BTO) jumped by nearly 13% to $4.20 per share, making it the top-performing TSX for the day. This rally in BTO stock came a day after the Vancouver-headquartered miner told investors that it reached an agreement with the Malian government regarding the Fekola Complex to streamline the governance of its Fekola Mine and expedite approvals for the Fekola Regional and underground projects.
B2Gold expects initial gold production from Fekola Regional by early 2025, with underground production slated for mid-2025. This update, coupled with the ongoing surge in precious metals prices, could be the primary reason for yesterday’s strong rally in BTO stock, which now trades with around 11% month-to-date gains.
Mining stocks like First Majestic Silver, NovaGold Resources, and Aya Gold & Silver were also among the top performers on the Toronto Stock Exchange, with each climbing by at least 10%.
On the flip side, Tilray Brands and Pason Systems slid by 1.7% each, making them the day’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, Cenovus Energy, B2Gold, and Calibre Mining were the five most active stocks.
TSX today
Amid speculations of potential interest cuts in the U.S., gold prices surged to a fresh all-time high early Friday morning, pointing to a higher opening for the commodity-heavy main TSX index today.
While no major economic releases are due this morning, anticipation of next week’s Federal Reserve policy meeting may still drive volatility across various market sectors.
Market movers on the TSX today
