Despite a pullback in precious metals prices, the Canadian stock market inched up for the third straight session on Wednesday, as investors seemed optimistic about the second quarter earnings season and global trade developments. The S&P/TSX Composite Index climbed by 52 points, or 0.2%, to close at a fresh all-time high of 27,416.
While falling gold and silver prices pressured metals and mining stocks, strong gains in other key sectors such as healthcare, consumer discretionary, and financials lifted the TSX benchmark to its highest closing level ever.
Top TSX Composite movers and active stocks
Celestica, Capital Power, Baytex Energy, and NexGen Energy were the top-performing TSX stocks for the day, with each climbing by at least 3.6%.
Shares of Rogers Communications rose 1.2% to $46.99 apiece after the telecom giant delivered strong second-quarter results across its wireless, cable, and media segments, beating Bay Street analysts’ earnings expectations.
In contrast, Canadian National Railway (TSX:CNR) plunged by 4.1% to $130.98 per share, making it one of the worst performers on the Toronto Stock Exchange. This drop in CN stock came a day after the rail transportation giant trimmed its 2025 earnings guidance, citing persistent trade and tariff uncertainties affecting key sectors.
While CN posted a 5% rise in operating profit and a 7% gain in earnings per share for the second quarter, its revenue declined 1% year over year. The company’s management also withdrew its 2024-2026 financial outlook due to heightened macroeconomic volatility, hurting investor sentiment. CN stock is now down 10.3% on a year-to-date basis and may remain under pressure as markets react to the cautious tone of the updated guidance.
Orla Mining, NovaGold Resources, and IAMGOLD were also among the session’s worst-performing TSX stocks as they slipped by at least 2.8% each.
Based on their daily trade volume, Baytex Energy, Enbridge, Whitecap Resources, TD Bank, and Royal Bank of Canada were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed in early Thursday trading, pointing to a flat opening for the resource-heavy main TSX index today.
In addition to the domestic monthly retail sales numbers, Canadian investors may want to keep an eye on the U.S. new home sales, manufacturing purchasing managers index (PMI), and services PMI data this morning. Retail sales figures will offer insight into Canadian consumer strength, while U.S. PMI readings may shape expectations around economic momentum and the Fed’s rate policy.
As the second-quarter corporate earnings season gains steam, many TSX-listed companies, including Mullen Group, Winpak, Teck Resources, FirstService, Loblaw, and Athabasca Oil, will release their financial reports today, which could keep their stocks in focus throughout the trading session.
Market movers on the TSX today
