Canadian equities continued to trade on a mixed note for a second consecutive session on Tuesday as investors remained cautious ahead of the U.S. Federal Reserve’s closely watched interest rate decision. Still, the S&P/TSX Composite Index held its ground, closing 21 points higher at 24,975 as strength in commodity-linked sectors offset weakness elsewhere.
While shares of gold miners led the charge, supported by firmer prices and investor appetite for defensives, continued declines in healthcare and technology stocks limited broader market upside.
Top Composite movers and active stocks
Centerra Gold (TSX:CG) stock surged by nearly 16% to $10.33 per share, making it the top-performing TSX stock for the day. This rally in CG stock came after the Toronto-based gold miner released its better-than-expected first-quarter financial results.
Despite higher production costs and lower gold sales, Centerra’s adjusted earnings hit US$0.13 per share in the quarter ended March 2025, exceeding analysts’ expectations of US$0.10 per share. The company’s robust US$608 million cash position also cheered investors as it reaffirmed 2025 production guidance. On a year-to-date basis, CG stock is now up over 26%.
A strong rebound in metals prices drove other mining stocks like Ero Copper, Orla Mining, Lundin Gold, and Aya Gold & Silver up by at least 8.4% each, making them among the day’s top gainers on the Toronto Stock Exchange.
In contrast, Shopify, Bausch Health, CES Energy, and Algoma Steel were the worst-performing TSX stocks, with each slipping by at least 3.1%.
According to the exchange’s daily trade volume figures, the top five most active stocks were Enbridge, Baytex Energy, Manulife Financial, Canadian Natural Resources, and Suncor Energy.
TSX today
West Texas Intermediate crude oil futures prices traded on a firm note in early trading on Wednesday, but metals prices saw a pause after Tuesday’s strong rally. Given these mixed signals from the commodity markets, the TSX could remain flat at the open today.
While no major domestic economic releases are due today, Canadian investors will closely monitor the Fed’s interest rate decision, press conference, and policy statement in the afternoon for clues on the future path of U.S. monetary policy. While markets widely expect the Fed to hold rates steady, any shift in tone regarding inflation or future cuts could sway both U.S. and Canadian stocks.
Also, as the TSX corporate earnings season continues in full swing, several large companies, including Manulife Financial, Labrador Iron Ore Royalty, iA Financial, Nutrien, goeasy, Great-West Lifeco, Kinaxis, TransAlta, Canadian Utilities, Stella-Jones, Premium Brands, Fortis, and Barrick Gold will report their latest quarterly earnings today, drawing close attention from investors across sectors.
Market movers on the TSX today
