Canadian stocks started the new week on a positive note as a strong intraday recovery in crude oil and metals prices led to a strong rally in commodity-linked stocks. The S&P/TSX Composite Index advanced by 86 points, or 0.3%, on Monday to settle at 24,977.
While profit booking in many key sectors, including healthcare and technology, pressured the TSX benchmark, solid gains in mining and energy stocks helped offset the decline — keeping the broader index in positive territory.
Top TSX Composite movers and active stocks
Shares of Orla Mining (TSX:OLA) soared by around 8% to $5.99 per share, extending its year-to-date gains to 38.7%. This rally in OLA stock came after the Vancouver-based gold miner announced intentions to acquire Newmont’s Musselwhite Gold Mine in Ontario in a deal worth US$810 million.
Orla expects this move to more than double its annual gold production to over 300,000 ounces, with plans to increase to 500,000 ounces by 2027. The underground Musselwhite mine, with 1.5 million ounces of gold reserves and exploration potential, could generate US$150 million in average annual free cash flow over the next six years, the company told investors. Despite the recent rally, though, OLA stock has lost over 10% of its value so far in November.
Energy Fuels, Denison Mines, OceanaGold, and IAMGOLD were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 6.8%.
On the flip side, Mattr, Boralex, Shopify, and Brookfield Business Partners slipped by at least 2.5% each, positioning them as the session’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Enbridge, Suncor Energy, Canadian Natural Resources, Manulife Financial, and Great-West Lifeco stood out as the most active stocks.
TSX today
Most metals and West Texas Intermediate crude oil futures prices continued to extend their gains in early trading on Tuesday, which could lift the commodity-heavy main TSX index at the open today.
While no major economic releases from the United States are due, Canadian investors may want to keep a close eye on the latest domestic consumer inflation report this morning, which could give further direction to stocks.
On the corporate events front, the TSX-listed holding company George Weston will announce its third-quarter financial results today. Street analysts expect it to post earnings of $3.57 per share for the September quarter with revenue of $18.9 billion.
Market movers on the TSX today
