A rally in metals prices and optimism surrounding the recent U.S. rate cut helped Canadian stocks notch a new all-time high for the fourth consecutive session, as investors bet the cuts would offer short-term economic relief despite lingering global uncertainties. The S&P/TSX Composite Index rose by 58 points, or 0.2%, to settle at 23,952.
Copper and silver prices surged yesterday after the People’s Bank of China announced a major economic stimulus, fueling a strong rally in TSX mining stocks. In addition, continued buying in consumer and healthcare stocks drove the market benchmark to new heights.
Top TSX Composite movers and active stocks
Aya Gold & Silver, Hudbay Minerals, Capstone Copper, and First Majestic Silver were the top-performing TSX stocks for the day, with each surging by over 6%.
Shares of Denison Mines (TSX: DML) climbed by 2.1% to $2.42 per share, making it among the day’s top performers on the Toronto Stock Exchange. This rally in DML stock came after the Canadian uranium exploration firm announced a strategic option agreement with Foremost Clean Energy for up to 70% interest in 10 uranium exploration properties.
The Denison-Foremost deal, valued at up to $30 million, includes direct payments and exploration funding. Through this partnership, Denison expects to leverage Foremost’s technical expertise for its non-core properties while focusing on its core development and mining projects. With this, DML stock has climbed by 8.5% so far in September.
On the flip side, Pet Valu, Kinaxis, and Algonquin Power & Utilities were the session’s worst-performing TSX stocks, with each sliding by at least 3.1%.
According to the exchange’s daily trade volume data, TC Energy, Canadian Natural Resources, TD Bank, Canadian Imperial Bank of Commerce, and Suncor Energy were the five most active stocks.
TSX today
Expectations of stronger near-term demand kept metals prices firm early Wednesday morning. Meanwhile, oil and gas prices were slightly down. Given these mixed signals, the commodity-heavy TSX index could remain flat at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest monthly new home sales and weekly crude oil stockpile data from the United States this morning.
Market movers on the TSX today
