The Canadian stock market resumed its rally on Wednesday after two days of minor declines, as the minutes from the Federal Reserve’s September meeting suggested a growing inclination towards easing monetary policy. Hopes of more rate cuts reignited optimism despite weakness in commodity prices, driving the S&P/TSX Composite Index up by 152 points, or 0.6%, to 24,225 — posting a fresh all-time high.
While all key market sectors, except healthcare, ended the session in green territory, the TSX rally was mainly driven by strong buying in riskier assets like technology, consumer discretionary, and industrial stocks.
The Fed’s latest meeting minutes revealed that, given progress toward inflation targets and balanced risks, most participants might consider more rate adjustments if economic data continues to align with current trends.
Top TSX Composite movers and active stocks
Shares of Bird Construction (TSX:BDT) popped nearly 12% to $29.86 per share, making it the top-performing TSX stock for the day. This rally in BDT stock came after the Etobicoke-based construction and maintenance firm announced a 50% increase in its monthly dividends, raising it to $0.07 per share, or $0.84 annually, effective November 29, 2024.
Bird Construction noted that this increase in its dividends aligns with its recently released 2025-2027 strategic plan, which targets a CAGR (compound annual revenue growth rate) of between 8% to 12% and aims for an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin of 8% by 2027. After the recent rally, BDT stock now trades with solid 107% year-to-date gains.
Interfor, Celestica, and West Fraser Timber were also among the top performers on the Toronto Stock Exchange, with each climbing by at least 4.7%.
In contrast, Brookfield Business Partners, Energy Fuels, NorthWest Healthcare Properties REIT, and K92 Mining (TSX:KNT) each slipped by more than 3%, making them the session’s worst-performing TSX stocks.
After the market closing bell, K92 announced record third-quarter production, with 44,304 ounces of gold equivalent — remaining on track to meet its 2024 guidance. This news might help KNT stock recover today.
Based on yesterday’s trade volume data, Canadian Natural Resources, TD Bank, Baytex Energy, Suncor Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
Commodity prices were largely positive early Thursday morning, which could lift the resource-heavy main TSX index at the open today. While no key domestic economic releases are due, Canadian investors will closely watch the latest consumer inflation report from the United States this morning, which could give further direction to stocks.
On the corporate events side, TSX-listed Richelieu Hardware, Tilray Brands, and Aritzia are likely to announce their latest quarterly earnings on October 10.
Market movers on the TSX today
