Hopes of a steep rate cut in the United States and rising metal prices helped the Canadian equities market rise for the third consecutive session on Friday, effectively wiping out all losses from the previous week. After climbing as much as 162 points in intraday trading, the S&P/TSX Composite Index closed up 94 points, or 0.4%, at 23,569, marking a new all-time high for the benchmark.
Even as some consumer and industrial stocks trended downward, strong gains in other key sectors, including real estate, mining, and utility, drove the market index higher.
Top TSX Composite movers and active stocks
Shares of Canfor (TSX:CFP) inched up by 7% to $15.79 per share, making it one of the top-performing TSX stocks for the day. This rally in CFP stock came a day after the Vancouver-headquartered forest products manufacturer announced its intention to explore the divestiture of some of its northern BC tenure assets following the closure of its Plateau and Fort St. John operations.
In a press release, Canfor acknowledged receiving interest from multiple parties and said it would consider its options while engaging in discussions. Despite recent gains, however, CFP stock remains down 11.5% on a year-to-date basis.
As gold continued its record-setting rally, mining stocks New Gold, Calibre Mining, and SilverCrest Metals also rose by at least 6.7% each, bringing them among the day’s top performers on the Toronto Stock Exchange.
On the flip side, Energy Fuels, Birchcliff Energy, Denison Mines, and Definity Financial were the session’s worst-performing TSX stocks, with each sliding by at least 2.9%.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Suncor Energy, B2Gold, and Pembina Pipeline stood out as the five most active stocks on the exchange.
TSX today
After posting its best weekly performance since November 2023 to reach new heights, the resource-heavy main TSX index is likely to start the new week on a flat note as most commodity prices were largely mixed early Monday morning.
While no major economic releases are due today, TSX stocks could continue to trade with high volatility as investors keenly await the Federal Reserve’s interest rate decision and other important economic data scheduled to be released later this week.
Market movers on the TSX today
