Canadian equities largely traded in a choppy manner on Wednesday but notched a fresh all-time high after the latest Fed meeting minutes hinted at a softer stance on aggressive inflation control measures. The S&P/TSX Composite Index advanced by 14 points for the session to settle at 26,283 — posting its third straight record close despite mixed intraday action.
Despite weakness in utility and energy stocks, gains in many other key market sectors, including mining, consumer, and industrials, helped offset the drag, keeping the TSX in positive territory.
Top TSX Composite movers and active stocks
Definity Financial (TSX:DFY) jumped by 11.3% to $77.25 per share, making it the top-performing TSX stock for the day. This rally in DFY stock came after the company announced it had upsized its private placements of common shares to $385 million, exceeding initial expectations.
The expanded offering is expected to help fund Definity’s previously announced $3.3 billion acquisition of Travelers’s Canadian operations. The strong market reaction reflected optimism over Definity’s capital-raising efforts and the anticipated growth potential from the strategic acquisition. On a year-to-date basis, DFY stock is now up 32%.
NGEx Minerals, Aya Gold & Silver, and National Bank of Canada were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 3.8%.
In contrast, Spin Master, Algonquin Power & Utilities, Algoma Steel, and Lightspeed Commerce slipped by at least 2.9% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, Manulife Financial, Cenovus Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
Crude oil and base metals prices surged sharply in early morning trading on Thursday as markets reacted to the U.S. court’s ruling that blocked most of President Donald Trump’s blanket tariffs on imports. The court decision, which found the tariffs exceeded presidential authority and violated the U.S. Constitution’s commerce clause, could lift the resource-heavy main TSX index at the open today.
With no major domestic economic data due, Canadian investors might want to watch the U.S. quarterly GDP (gross domestic product) report this morning as it could help set the tone for stocks.
On the corporate events front, the TSX-listed Royal Bank of Canada, Canadian Imperial Bank of Commerce, and BRP will announce their latest quarterly results today, keeping their stocks in the spotlight.
Market movers on the TSX today
