Largely stronger-than-expected corporate earnings pushed Canadian stocks higher on Wednesday, even as the U.S. Federal Reserve announced the decision to hold interest rates steady, citing rising risks to both employment and price stability. The S&P/TSX Composite Index climbed by 186 points, or 0.7%, to 25,161 — its highest closing level in over a month.
Although an intraday decline in metals prices pressured mining stocks, solid gains in most other key sectors like industrials, technology, and energy guided the TSX benchmark upward.
During the press conference, Fed Chair Jerome Powell highlighted that while the U.S. labour market remains strong, inflation is running somewhat above the 2% target. He also noted that recent tariff announcements could amplify inflationary pressures in the months ahead.
Top Composite movers and active stocks
Premium Brands Holdings (TSX: PBH) surged by 9.4% to $82.01 per share, finishing as the TSX’s best-performing stock of the day. This rally in PBH stock came after the Canadian specialty food company reported record first-quarter results, with revenue jumping 14.9% YoY (year over year) to $1.68 billion.
More importantly, Premium Brands’s adjusted quarterly earnings jumped by nearly 26% YoY to $0.68 per share, driven by a strong 9.9% organic volume growth in its U.S. protein, sandwich, and baked goods businesses. PBH stock now trades with a 3.7% year-to-date gain and offers a 4.5% annualized dividend yield.
Spin Master, Stella-Jones, and BRP were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 4.5%.
In contrast, NovaGold Resources, IAMGOLD, Ivanhoe Mines, and TransAlta slid by more than 5% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Suncor Energy, Enbridge, Manulife Financial, Whitecap Resources, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
Metals prices continued to extend their losses in early trading on Thursday, while crude oil and natural gas were mixed, setting a cautious tone for the TSX at the open today.
Although no major domestic economic releases are due, Canadian investors may want to keep an eye on the weekly jobless claims data from the United States this morning. Overall, the market’s focus will likely remain on corporate earnings and global trade developments as traders look for direction following the Fed’s rate pause.
Several TSX-listed companies, including CES Energy, IGM Financial, NFI, Definity Financial, Sun Life Financial, Pembina Pipeline, Franco-Nevada, Hydro One, Cenovus Energy, Canadian Natural Resources, MDA, Shopify, Canadian Tire, BCE, Quebecor, Restaurant Brands, Brookfield, and Maple Leaf Foods, are scheduled to report their quarterly earnings today, which could inject fresh volatility into the session.
Market movers on the TSX today
