Canadian equities continued to climb for a second consecutive session on Thursday as strength in metals prices and hopes for the U.S. Fed’s supportive monetary policy boosted investor confidence even as escalating trade tensions lingered in the background. The S&P/TSX Composite Index rose by 110 points, or 0.4%, to 27,082 — not only reclaiming the key 27,000 mark but also closing at its highest level on record.
Despite weakness in the consumer staple sector, solid gains in financial, industrial, and utility stocks guided the TSX benchmark to another record close, highlighting broad-based investor optimism.
Top TSX Composite movers and active stocks
Energy Fuels (TSX:EFR) jumped by over 16% to $8.90 per share, making it the top-performing TSX stock for the day. While there was no company-specific news, the surge in EFR stock appeared to follow a US$400 million investment by the U.S. Department of Defense in the American rare earths producer MP Materials. Investors speculated that uranium, another metal tied to national security, could be next in line for similar support, sparking optimism around Energy Fuels’s prospects.
TransAlta, Air Canada, and Denison Mines also climbed by at least 3.5% each, making them among the day’s biggest gainers on the Toronto Stock Exchange.
Shares of Richelieu Hardware (TSX:RCH) also traded positively, rising 1.4%, despite announcing a year-over-year decline in adjusted earnings for the May quarter. Although the Saint-Laurent-based hardware distributor’s net profit dipped 3.9% to $22.5 million, investors appeared optimistic about Richelieu’s top-line growth, with its quarterly revenue climbing 6.4% from a year ago to $512.2 million.
Last quarter, Richelieu Hardware also completed two acquisitions, bringing its total to six so far this year. These deals are expected to add over $53 million in annualized sales and strengthen its U.S. distribution footprint. Despite recent optimism, however, RCH stock has slipped 5% so far in 2025.
In contrast, Boralex, Lundin Gold, B2Gold, and Nutrien dived by at least 2.2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Cenovus Energy, Enbridge, and TC Energy were the five most active stocks on the exchange.
TSX today
After the market closing bell on Thursday, U.S. president Donald Trump shared a letter addressed to Canada’s prime minister, warning of a 35% tariff on Canadian goods starting August 1 if Ottawa fails to stop the flow of fentanyl. Trump’s statement reignited trade tensions, with investors concerned about potential retaliatory measures. As a result, U.S. stock futures slipped following the announcement, which could weigh on the TSX index at the open today.
Also, TSX sectors exposed to cross-border trade, like industrials and consumer goods, may see increased volatility today. Nevertheless, with metals prices holding firm and rate-cut hopes intact, the broader TSX may still find some support.
Besides U.S.-Canada trade-related developments, Canadian investors will closely monitor the domestic jobs report for June, due this morning, which is expected to provide key insight into the health of the labour market and guide the Bank of Canada’s policy path.
Market movers on the TSX today
