Canadian stocks staged a recovery on Wednesday as the Bank of Canada’s decision to cut interest rates further, cooler-than-expected U.S. consumer inflation figures, and strengthening commodity prices cheered investors. Following the two-day selloff, the S&P/TSX Composite Index climbed by 175 points, or 0.7%, to settle at 24,423.
Even as some consumer and healthcare stocks traded on a negative note, solid gains in other key sectors, like technology, energy, and financials, helped lift the broader market.
Top TSX Composite movers and active stocks
Transcontinental (TSX:TCL.A) jumped by about 7% to $18.40 per share, extending its two-day gains to over 11%. The recent rally started after the Montréal-based packaging and printing firm announced its better-than-expected quarterly earnings.
In the quarter ended January 2025, Transcontinental’s revenue slipped by 5.5% year over year to $643 million due mainly to lower volumes and the sale of its industrial packaging business. Nevertheless, its adjusted quarterly earnings jumped 14% from a year ago to $0.49 per share with the help of cost-cutting initiatives, beating Street analysts’ expectations of $0.37 per share.
CES Energy Solutions, Bombardier, Baytex Energy, and Vermilion Energy were also among the top performers on the Toronto Stock Exchange, with each surging by over 5%.
On the flip side, Mattr, Labrador Iron Ore Royalty, Bausch Health, and Pet Valu fell at least 2.9% each, making them the worst-performing TSX stocks for the day.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Suncor Energy, Whitecap Resources, and Manulife Financial were the five most active stocks on the exchange.
TSX today
Spot gold prices continued to rally for the third consecutive day in early trading on Thursday, which could provide further support for TSX mining stocks at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important U.S. wholesale inflation report this morning, which could give further direction to stocks.
On the corporate events front, several TSX-listed companies, including Denison Mines, NFI Group, Wheaton Precious Metals, Mattr, AtkinsRéalis, Kelt Exploration, and Empire Company, are set to announce their latest quarterly results today, which will keep their stocks in the spotlight.
Market movers on the TSX today
