A rally across sectors drove Canadian stocks to a new all-time high on Monday, even as the U.S. market remained closed for the Memorial Day holiday. The S&P/TSX Composite Index advanced by 193 points, or 0.7%, to settle at 26,073 — not only marking a new closing high but also extending the TSX’s impressive rally, which has seen gains in 13 of the last 14 sessions.
While all key sectors ended the session in the green, the market rally was mainly led by the renewed buying in technology, consumer discretionary, real estate, and industrial stocks, with investors appearing increasingly confident in the economic outlook.
Top TSX Composite movers and active stocks
ATS Corporation (TSX:ATS) jumped by over 20% to $42.13 per share, making it the top-performing TSX stock for the day. This rally in ATS stock followed the Cambridge-headquartered company’s preliminary March quarter results, which far exceeded expectations. Its revenue came in at $721 million, well above the analysts’ forecast of $687 million.
Despite a reported net loss, the company’s preliminary results showed solid adjusted quarterly earnings and robust order bookings. In addition, ATS announced a major settlement with its electric vehicle customer, securing a US$134.75 million payment that resolves outstanding payment disputes and eliminates further project obligations. Despite the recent rally, however, ATS stock is still down 4% on a year-to-date basis.
NGEx Minerals, Energy Fuels, and Aritzia also jumped by at least 4.7% each, making them among the day’s top gainers on the Toronto Stock Exchange.
In contrast, shares of Ivanhoe Mines (TSX:IVN) tanked by nearly 16% after the company announced an operational suspension at its flagship Kakula underground mine due to ongoing seismic activity. The shutdown, which halts underground mining and delays access for equipment and workers, raised concerns about prolonged production disruptions at its high-grade copper mine. Year to date, IVN stock is down 37%.
Based on their daily trade volume, Ivanhoe Mines, Whitecap Resources, Canadian Natural Resources, Great-West Lifeco, and Brookfield Asset Management were the five most active stocks on the exchange.
TSX today
Commodity prices, especially metals, fell sharply in early morning trading on Tuesday, setting a cautious tone for the TSX at the open today, with mining stocks expected to face pressure.
While no major domestic economic releases are due, Canadian investors will closely monitor the important U.S. consumer confidence figures this morning, which could offer valuable insights into near-term spending trends and broader economic sentiment south of the border.
On the corporate events side, Bank of Nova Scotia will release its April quarter earnings report. Analysts expect Scotiabank to post $1.56 per share in quarterly earnings, with nearly $9 billion in revenue.
Market movers on the TSX today
