Despite intraday declines in metals prices and escalating trade tensions, Canadian equities started the new week on a strong note as investors shifted their attention to upcoming inflation data and the start of corporate earnings season. The S&P/TSX Composite Index rose 176 points, or 0.6%, to 27,199 — posting a new all-time high on a closing basis.
Despite weakness in the metals and mining sector, solid gains in real estate, industrial, and tech stocks helped propel the index higher, reflecting broad-based optimism ahead of key economic data releases.
Top TSX Composite movers and active stocks
Thomson Reuters, Energy Fuels, Shopify, and Denison Mines were the top-performing TSX stocks for the day, with each climbing by more than 4%.
On the flip side, shares of Wesdome Gold Mines (TSX: WDO) slipped 5.3% to $17.22 per share, making it the day’s worst-performing TSX stock. The drop came despite the Toronto-headquartered miner reporting second-quarter production of 42,781 ounces of gold and maintaining its full-year guidance.
Investors appeared concerned by a 3% year-over-year decline in Wesdome’s total output and a 31% drop in production from its Kiena mine, driven by equipment constraints. The company’s management expects a stronger second half as improvements in fleet availability and mine sequencing take effect. Still, near-term execution risks at Kiena may have weighed on sentiment. On a year-to-date basis, WDO stock is still up 33.4%.
Fortuna Mining, Aritzia, and Stella-Jones were also among the session’s bottom performers on the Toronto Stock Exchange, with each slipping by at least 2.7%.
Based on their daily trade volume, TD Bank, Canadian Natural Resources, Enbridge, Baytex Energy, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Commodity prices, especially gold and silver, trended higher in early morning trading on Tuesday, which could lift TSX mining stocks at the open today.
On the economic releases front, investors will be watching closely as both Canada and the U.S. release key consumer inflation data this morning. These reports are expected to provide critical insights into price trends, helping shape expectations around upcoming monetary policy decisions in both countries. Market reaction may hinge on whether inflationary pressures appear to be easing or proving more persistent than anticipated amid trade tensions.
On the corporate events side, the TSX-listed Cogeco Communications will announce its latest quarterly results today after the market closing bell. Street analysts expect the company to post adjusted earnings of $1.91 per share for the May quarter on revenue of $735.8 million.
Market movers on the TSX today
