Cautious sentiment lingered on Tuesday ahead of the Bank of Canada’s (BoC) rate announcement, yet markets pushed higher, with Canadian stocks hitting a fresh peak. Gaining 38 points to end at 26,427, the S&P/TSX Composite Index notched its second consecutive all-time closing high.
Despite declines in consumer discretionary and technology stocks, healthy gains in other key sectors, including utilities, energy, and healthcare, helped offset the weakness and kept the TSX index in positive territory.
Top TSX Composite movers and active stocks
Algonquin Power & Utilities (TSX:AQN) jumped 16% to $8.54 per share, making it the top-performing TSX stock for the day. This rally in AQN stock came after the Oakville-based utility firm unveiled its financial outlook for 2025 through 2027 and a “Back to Basics” capital plan focused on operational efficiencies.
Notably, Algonquin’s plan outlined a 300-basis-point improvement in earned return on equity by 2027, US$2.5 billion in organic utility investments, and no equity issuance during the period. Investors also appeared to welcome the company’s focus on cost control, improved regulatory outcomes, and a projected earnings per share growth of over 50% by 2027. On a year-to-date basis, AQN stock is now up 34%.
Energy Fuels, Denison Mines, and Precision Drilling were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 6.5%.
On the flip side, WSP Global, CAE, North West Company, and Winpak slipped by at least 2.3% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Manulife Financial, Great-West Lifeco, and Enbridge were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed in early trading on Wednesday, pointing to a muted open for the resource-heavy TSX index today.
Besides the U.S. non-farm employment and non-manufacturing Purchasing Managers’ Index (PMI) data, Canadian investors will closely monitor the BoC’s rate decision, policy statement, and press conference this morning.
Markets widely expect the central bank to hold rates steady, but any hints about future easing or concerns about inflation could sway investor sentiment. Mainly, rate-sensitive sectors like real estate and financials may see increased volatility depending on the tone of the BoC’s commentary.
On the corporate events side, the TSX-listed Transcontinental and Descartes Systems will announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
