After a day of pause, Canadian stocks resumed their upward trajectory on Wednesday as recently released domestic consumer inflation data gave investors confidence that more rate cuts may be on the horizon. The S&P/TSX Composite Index jumped by 122 points, or 0.5%, for the day to settle at 24,561 — reaching a new all-time high as bullish sentiment continues to drive the market forward.
Despite minor weakness in some tech stocks, solid gains in sectors like utilities, energy, and financials propelled the TSX index higher.
Top TSX Composite movers and active stocks
Shares of uranium mining companies Energy Fuels, Denison Mines, and NexGen Energy surged by more than 10% each, making them the session’s top-performing TSX stocks. The rally in uranium stocks followed Amazon’s announcement of agreements to develop nuclear energy projects, including Small Modular Reactors, as part of its carbon-free energy push for its data centers. This news fueled investor optimism, lifting uranium stocks as the sector could benefit from Amazon’s investment in nuclear power.
BlackBerry (TSX:BB) was also among the top performers on the Toronto Stock Exchange, climbing by 4.7% to $3.60 per share. The surge in BB stock came after the company held its 2024 Investor Day, where it detailed profitability plans for its IoT and Cybersecurity segments, including the Cylance business.
At the event, BlackBerry’s management also highlighted its renewed focus on growth engines like its QNX platform and provided revenue forecasts for fiscal 2026 and 2027, helping it gain investors’ confidence. Despite this rally, however, BB stock is down 23.4% on a year-to-date basis.
In contrast, K92 Mining, Celestica, Aritzia, and International Petroleum were the worst-performing TSX stocks yesterday, with each slipping by at least 3.7%.
Based on their daily trade volume, TD Bank, Enbridge, TC Energy, Baytex Energy, and Bank of Nova Scotia were the five most active stocks on the exchange.
TSX today
Gold spot prices were trading close to their all-time high early Thursday morning, pointing to a higher opening for shares of precious metal miners on the TSX today.
While no major domestic economic releases are due, Canadian investors will closely monitor monthly retail sales, manufacturing, and weekly jobless claims data from the United States this morning. These important reports could give further direction to the market as investors assess the strength of the U.S. economy.
Market movers on the TSX today
