The Canadian equities market traded positively for a third consecutive session on Monday as the Federal Reserve’s major rate cut boosted investor confidence, supporting the market’s continued upward momentum. The S&P/TSX Composite Index climbed by 27 points for the day to 23,895 — marking a new all-time high for the third straight day.
Despite weakness in silver and copper prices pulling metal mining stocks down, strong gains in sectors like energy, consumer, and utility lifted the TSX benchmark.
Top TSX Composite movers and active stocks
Secure Energy Services, Denison Mines, NexGen Energy, and Enghouse Systems were yesterday’s top-performing TSX stocks, each rising by at least 3.3%.
In contrast, SSR Mining (TSX: SSRM) dived by more than 6% to $7.68 per share, making it the day’s worst-performing TSX stock. This selloff in SSRM stock came after the precious metals miner announced that its Seabee operations will restart in the second half of October following reduced fire activity near the site.
SSR Mining told investors that while its Seabee plant and Santoy mine were mostly unaffected by the fire, some remote equipment, like power poles and piping, sustained damage. Due to the fire incident, the company plans to update its cost guidance with its third-quarter financial results, which are expected to be released in the final week of October. After the recent decline, SSRM stock is down 46% year to date.
Fortuna Mining, Calibre Mining, and SilverCrest Metals were also among the bottom performers on the Toronto Stock Exchange as they slipped by at least 3.4% each.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, B2Gold, Suncor Energy, and Toronto-Dominion Bank were the five most active stocks on the exchange.
TSX today
Oil and gold prices rose early Tuesday amid escalating tensions between Israel and Lebanon’s Hezbollah, raising concerns about a broader conflict that could disrupt energy supplies. This surge in commodity markets is likely to drive TSX mining and energy stocks higher at the open today, helping the market maintain its upward momentum.
While no major domestic economic data is due, Canadian investors will closely monitor the U.S. consumer confidence report this morning, which could influence market direction. In the afternoon, Bank of Canada governor Tiff Macklem’s comments about the economy and monetary policy during an event in Toronto will remain in focus.
Market movers on the TSX today
