Firm commodity prices helped Canadian equities notch another positive session on Wednesday even as the Bank of Canada (BoC) held interest rates steady and signalled a cautious approach going forward, citing trade uncertainties. The S&P/TSX Composite Index climbed by 39 points, or 0.2%, to settle at 24,107 — extending its winning streak to four days.
On the one hand, some sectors, like industrials and healthcare, witnessed weakness amid lingering concerns about U.S. tariffs. On the other hand, strength in mining, energy, and utility stocks helped buoy the broader index as investors responded positively to firm metals prices.
During the latest monetary policy press conference, BoC Governor Tiff Macklem highlighted the volatile U.S. trade environment and its impact on growth and inflation expectations as key reasons for pausing further rate cuts. Nevertheless, he showed confidence that inflation could dip near 1.5% in April due to the recent removal of the carbon tax and falling oil prices.
Meanwhile, the U.S. Fed chair Jerome Powell also signalled a wait-and-see stance on policy amid rising trade uncertainty and tariff-driven inflation pressures.
Top TSX Composite movers and active stocks
Torex Gold Resources, IAMGOLD, Energy Fuels, and Lundin Gold jumped by at least 5.6% each, making them the top-performing TSX stocks for the day.
Metro (TSX:MRU) also traded positively after the company released its March quarter earnings report. The Montreal-based grocery and pharmacy retailer posted a 5.5% year-over-year increase in quarterly revenue, with same-store food sales up 5.3% and pharmacy same-store sales up 7.0%.
Investors seemed encouraged by Metro’s strong earnings growth, as its adjusted net profit jumped nearly 9.8% last quarter to $226.6 million with the help of effective merchandising, growing online food sales, and ongoing supply chain investments.
On the flip side, Finning International, Brookfield Business Partners, Linamar, and BRP were the day’s worst-performing TSX stocks, with each slipping by at least 3.5%.
According to the exchange’s daily trade volume data, Cenovus Energy, Canadian Natural Resources, TD Bank, Royal Bank of Canada, and Enbridge were the five most active stocks.
TSX today
Crude oil prices continued to trade on a slightly positive note in early trading on Thursday, which could help support modest gains for TSX energy stocks at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest weekly jobless claims and monthly manufacturing data from the United States this morning.
More importantly, any updates related to U.S.-China trade talks or global tariff developments could influence investor sentiment and sector rotation throughout the session.
Market movers on the TSX today
