Canadian equities posted their best single-day percentage gains on Wednesday as cooling U.S. consumer inflation reignited the possibility that the Federal Reserve will further reduce interest rates in the near term. Favourable economic data, coupled with surging commodity prices, pushed the S&P/TSX Composite Index up by 201 points, or 0.8%, to 24,789.
While all key sectors ended the session in the green, the TSX rally was mainly driven by solid intraday gains in technology, real estate, and financial stocks.
Notably, the U.S. Consumer Price Index (CPI) for December 2024 rose 0.4% month over month and 2.9% year over year, driven by a 2.6% increase in energy prices. Food prices were up 0.3% sequentially, while core CPI (excluding food and energy) rose 0.2% — marking its smallest monthly increase in five months.
Top TSX Composite movers and active stocks
Stella-Jones, Colliers International, Celestica, and Aya Gold & Silver were the top-performing TSX stocks as they rose by at least 3.4% each.
With 2.7% intraday gains, Chartwell Retirement Residences (TSX:CSH.UN) was also among the session’s top gainers on the Toronto Stock Exchange. This rally in Chartwell stock came after the Mississauga-headquartered real estate trust declared a monthly cash distribution of $0.051 per share to shareholders of record as of January 31, 2025.
Chartwell also provided an update on its same-property occupancy, which is forecasted to improve to 91.3% for its 2025 reporting portfolio, reflecting changes in property classifications. With this, Chartwell stock has risen 28.6% in the last year.
On the flip side, IAMGOLD, Eldorado Gold, First Majestic Silver, and Centerra Gold were the worst-performing TSX stocks, with each sliding by at least 3.3%.
Based on their daily trade volume, TD Bank, First Majestic Silver, Enbridge, Lundin Mining, and Telus stood out as the five most active stocks on the exchange.
TSX today
After ending the previous session on a strong note, most commodity prices were mixed in early morning activity on Thursday, which may result in a flat opening for the resource-heavy TSX index today.
Although no major domestic economic releases are due, Canadian investors will keep an eye on monthly U.S. manufacturing, retail sales, and weekly jobless claims numbers from this morning.
On the corporate events side, the TSX-listed Richelieu Hardware could remain in focus as it’s slated to release its November quarter earnings report on January 16. Street analysts expect the Saint Laurent-based specialty hardware firm to post earnings of $0.41 per share with $462.3 million in revenue.
Market movers on the TSX today
