Canadian equities traded on a slightly positive note on Wednesday as the Bank of Canada’s (BoC) decision to cut interest rates by 25 basis points comforted investors even as the U.S. Federal Reserve held rates steady, highlighting a data-dependent approach for future adjustments. After rising as much as 135 points in intraday trading, the S&P/TSX Composite Index ended the volatile session with a 54-point gain at 25,473.
While the Fed’s cautious approach triggered a selloff in many sectors like healthcare, real estate, and consumer discretionary, healthy gains in mining and energy stocks provided much-needed support for the TSX, allowing it to close in positive territory.
Notably, during the latest monetary policy press conference, BoC Governor Tiff Macklem highlighted risks related to potential trade conflicts with the United States. Macklem said, “The potential for a trade conflict triggered by new U.S. tariffs on Canadian exports is a major uncertainty. This could be very disruptive to the Canadian economy and is clouding the economic outlook.”
Top TSX Composite movers and active stocks
NexGen Energy, Celestica, Energy Fuels, and Capstone Copper were the top-performing TSX stocks for the day, with each climbing by at least 5.4%.
CGI Inc (TSX:GIB.A) also traded positively after announcing the latest quarterly financial results. In the quarter ended in December 2024, the technology and business consulting firm’s total revenue rose 5.1% year over year to $3.8 billion, and organic expansion continued.
More importantly, CGI’s adjusted quarterly earnings climbed by 7.7% from a year ago to $1.97 per share. The company’s bookings stood strong at $4.16 billion last quarter, with a book-to-bill ratio of 109.8%, while its backlog reached $29.76 billion — boosting investors’ confidence. On a year-to-date basis, CGI stock now trades with a 5.3% gain.
On the flip side, MDA Space, Innergex Renewable Energy, Kinaxis, and Tilray Brands were among the worst performers on the Toronto Stock Exchange as they slipped by at least 3.8% each.
Based on their daily trade volume, Royal Bank of Canada, Enbridge, Bank of Montreal, Canadian Natural Resources, and Suncor Energy stood out as the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed early Thursday morning, pointing to a flat opening for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest quarterly GDP (gross domestic product) growth and weekly jobless claims data from the U.S. this morning. The GDP growth numbers may add to the market volatility, while investors continue to closely assess the BoC’s and the Fed’s latest monetary policy statements.
On the corporate events side, TSX-listed companies like Canadian National Railway, Rogers Communications, and Brookfield Infrastructure Partners will release their quarterly earnings reports today, which could keep these stocks in focus.
Market movers on the TSX today
