Following a brief pause, Canadian equities resumed their climb on Tuesday, boosted by a recovery in crude oil prices and growing optimism around global economic resilience. The S&P/TSX Composite Index surged by 297 points, or 1.2%, to settle at 24,306 — its highest closing level in over two weeks.
Nearly all key sectors ended the session in the green, but the TSX rally was mainly driven by solid gains in healthcare, technology, and financial stocks.
Investors’ high expectations from the upcoming corporate earnings season added to the positive momentum as markets looked for signs that businesses are navigating trade headwinds effectively.
Top TSX Composite movers and active stocks
NovaGold Resources (TSX:NG) popped by 39% to $6 per share after the company announced a transformative US$1 billion deal with Paulson Advisers to acquire Barrick Gold’s 50% stake in the Donlin Gold project. As part of the agreement, NovaGold will raise its ownership in Donlin from 50% to 60%, while Paulson will take a 40% stake and co-manage the project.
Investors cheered NovaGold’s move, viewing it as a strong strategic step that could unlock long-term value through updated feasibility studies, expanded drilling, and a renewed focus on converting Donlin’s vast resources into reserves. On a year-to-date basis, NG stock is now up 25%.
Shares of Bausch Health (TSX:BHC) jumped by over 10% to $7.18 apiece after the firm revealed that activist investor Carl Icahn holds a significant economic interest in the firm through cash-settled equity swaps.
According to a newly filed supplement to its proxy statement, Icahn now has exposure to approximately 34% of Bausch Health’s outstanding common shares. The news comes just days after Bausch Health adopted a shareholder rights plan to guard against hostile takeovers, underscoring heightened shareholder activity ahead of its May 13th annual meeting.
Brookfield Business Partners and Imperial Oil were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 5%.
In contrast, Aya Gold & Silver, G Mining Ventures, First Majestic Silver, and Torex Gold dived by 5.4% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Royal Bank of Canada, Canadian Natural Resources, TC Energy, Scotiabank, and TD Bank were the five most active stocks on the exchange.
TSX today
Commodity prices across the board largely remained positive in early trading on Wednesday, setting the stage for a potentially strong open for the resource-heavy TSX today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the monthly new home sales and weekly crude oil stockpile data from the United States this morning.
On the corporate events front, several TSX-listed companies, including Mullen Group, Rogers Communications, Cargojet, Choice Properties REIT, Waste Connections, Precision Drilling, Aecon Group, First Quantum Minerals, TFI International, and Whitecap Resources, will release their first-quarter earnings reports today, keeping these stocks firmly in focus.
Market movers on the TSX today
