Canadian stocks continued to move higher midweek, as Trump voiced optimism about a possible China trade deal that could ease tariffs, fueling a global market rally. The S&P/TSX Composite Index climbed by 167 points, or 0.7%, on Wednesday to 24,473 — reaching its highest closing level since April 2.
Although some sectors like healthcare and mining traded on a weak note, signs of easing trade tensions led to a sharp rally in technology, financial, and industrial stocks as investors hoped that trade barriers could soon be rolled back.
Top TSX Composite movers and active stocks
First Quantum Minerals, Capstone Copper, NovaGold, NexGen Energy, and Celestica jumped by over 7% each, making them the top-performing TSX stocks for the day.
On the flip side, IAMGOLD, Tilray, G Mining Ventures, and Sprott were the session’s worst-performing TSX stocks, with each slipping by at least 4.4%.
Shares of West Fraser Timber (TSX: WFG) also fell 1.6% to $101.34 per share, a day after the company posted its weaker-than-expected first-quarter results. While the lumber producer posted a 9.5% year-over-year increase in its adjusted quarterly earnings of US$0.46 per share, it failed to meet Street analysts’ expectations of US$0.61 per share.
In its latest earnings report, West Fraser highlighted that U.S. housing affordability challenges and shifting American trade policies have weighed on wood product demand and outlook. Although the company’s lumber segment posted its best quarter in over two years, its management lowered the top end of its annual shipment guidance, citing transportation constraints and near-term market volatility. WFG stock is now down 19% year to date.
Based on their daily trade volume, Whitecap Resources, Canadian Natural Resources, Baytex Energy, Bank of Montreal, and TD Bank were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed in early morning trading on Thursday, 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 monthly existing home sales and weekly jobless claims data from the United States this morning. More importantly, developments around U.S. trade negotiations and corporate earnings will likely remain in focus as investors assess the sustainability of the recent market rally.
Several TSX-listed companies, including Winpak, Teck Resources, FirstService, Agnico Eagle Mines, and Celestica, will release their latest earnings reports today, which will likely keep their stocks in the spotlight.
Market movers on the TSX today
