Canadian stocks continued to rise for the fourth consecutive session on Friday as expectations of further U.S. interest rate cuts and better-than-expected economic growth numbers from China boosted investors’ confidence. The S&P/TSX Composite Index climbed by 222 points, or 0.9%, to settle at 25,068 — marking its best single-day performance this year.
While all key market sectors, except healthcare, ended the session in green territory, the market rally was mainly led by a solid surge in energy, utility, mining, and industrial stocks.
Top TSX Composite movers and active stocks
First Majestic Silver, Richelieu Hardware, Cameco, and TransAlta were the top-performing TSX stocks for the day, as they jumped by at least 4.8% each.
Shares of Toronto-Dominion Bank (TSX: TD) also inched up by 4.4% to $83.13 per share, making them among the top gainers on the Toronto Stock Exchange. This rally in TD stock came after the Canadian lending giant said that Raymond Chun will assume the role of Group President and chief executive officer (CEO) on February 1, ahead of the previously scheduled date.
Chun will succeed Bharat Masrani, who will retire but remain an advisor through July 2025. TD also disclosed a $30 million reduction in variable compensation for 41 executives due to U.S. anti-money laundering failures, with 2024 CEO compensation reduced by 89%. After the recent gains, TD stock is now up 8.6% year to date and offers a 5.1% annualized dividend yield.
In contrast, BlackBerry, Bombardier, BRP, and Bausch Health were the session’s worst-performing TSX stocks for the day, with each sliding by at least 2.3%.
Based on their daily trade volume, TD Bank, Canadian Natural Resources, Pembina Pipeline, BCE, and TC Energy were the five most active stocks on the exchange.
TSX today
Crude oil, natural gas, and copper prices were slightly bearish in early Monday morning trading, which could weigh on TSX commodity-linked stocks at the open today.
While no major economic releases are due this morning, the TSX may see lighter volumes as the U.S. market remains closed today for Martin Luther King Jr. Day.
Meanwhile, investors will keep a close eye on U.S. President Donald Trump’s potential trade-related moves after he assumes office for his second term. Any unexpected policy announcements or trade-related decisions could impact global market sentiment.
Market movers on the TSX today
