Rising metals prices and high expectations from corporate earnings helped Canadian stocks turn positive on Wednesday despite the release of weaker-than-expected U.S. employment numbers and the Fed’s latest minutes signalling a cautious yet data-driven approach to future rate decisions. The S&P/TSX Composite Index climbed by 122 points, or 0.5%, to settle at 25,052.
Although sectors like healthcare and consumer cyclicals fell due to persistent worries about softer consumer demand, solid gains in mining and technology stocks helped offset the losses and pushed the TSX higher.
Top TSX Composite movers and active stocks
K92 Mining (TSX: KNT) stock jumped 16% to $10.03 per share, making it the top-performing TSX stock for the day. This rally in KNT stock came after the Vancouver-based gold producer announced record fourth-quarter production of 53,401 gold-equivalent ounces, up 37% year over year.
With this, K92’s annual production reached 149,515 gold-equivalent ounces last year, surpassing its guidance range and marking a 27% increase from 2023. In addition, record gold recoveries of 96.4% in the fourth quarter and continued progress on the Stage 3 Expansion of the Kainantu Gold Mine in Papua New Guinea highlighted the company’s strong operational performance. After ending 2024 with 33.3% gains, KNT stock has already risen 15.6% so far this year.
Equinox Gold, Calibre Mining, and Kinross Gold were also among the day’s top performers on the Toronto Stock Exchange, with each surging by over 5%.
On the flip side, Tilray, Boralex, Bombardier, and Boyd Group Services slipped by at least 4.6% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, TD Bank, Scotiabank, TC Energy, Canadian Imperial Bank of Commerce, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
Metals prices continued to extend their rally early Thursday morning, which could lift TSX mining stocks further at the open today.
While no major domestic economic releases are due, TSX may see lighter volumes today as major U.S. stock exchanges remain closed to observe the passing of former President Jimmy Carter. However, the ongoing rally in metals prices, particularly in gold and copper, is likely to keep mining stocks in focus.
On the corporate events side, the TSX-listed Aritzia will announce its November quarter financial results today after the market closing bell. Street analysts expect the Canadian apparel retailer to post quarterly earnings of $0.62 per share with $700.7 million in revenue.
Market movers on the TSX today
