Canadian stocks started the holiday-shortened week with strong momentum, as upbeat corporate earnings and a rally in precious metals helped drive broad-based gains. Hopes that the U.S. Federal Reserve may consider slashing interest rates in the near term added to the bullish tone. As a result, after falling for three consecutive sessions, the S&P/TSX Composite Index jumped by 550 points, or 2%, to settle at 27,570 — registering its biggest single-day percentage gain since April 11 to post a new all-time high.
While most sectors posted gains, the TSX rally was largely fueled by strength in mining, technology, and healthcare stocks.
Top TSX Composite movers and active stocks
Denison Mines (TSX:DML) surged by 9.3% to $3.07 per share, making it one of the top-performing TSX stocks for the day. These strong gains in DML stock came after the firm received provincial environmental assessment approval to move forward with development at its Wheeler River uranium project in Saskatchewan.
This development marked a major milestone for Denison toward building Canada’s first in-situ recovery uranium mine. The approval also positions the company to proceed with final federal regulatory steps later this year. As a result, investors reacted positively to the news as it significantly advances the project’s timeline toward construction and future production. On a year-to-date basis, DML stock is now up nearly 18%.
Kinross Gold, Energy Fuels, and Eldorado Gold were also among the day’s top gainers on the Toronto Stock Exchange, as they each climbed by over 9%.
In contrast, TerraVest Industries, NFI Group, MDA Space, and Kelt Exploration dived by at least 2.8% each, making them the session’s worst-performing TSX stocks.
Based on daily trade volume, Enbridge, Manulife Financial, Tourmaline Oil, Suncor Energy, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed in early Wednesday trading, pointing to a flat open for the resource-heavy main TSX index today.
While no major economic releases are due, Canadian investors will continue to assess corporate earnings and global trade developments for direction. Notably, several large TSX-listed companies, including Kinaxis, South Bow, Manulife Financial, Nutrien, Element Fleet Management, Granite REIT, WSP Global, goeasy, Torex Gold, Fortuna Mining, Crombie REIT, InterRent REIT, Premium Brands, Shopify, Thomson Reuters, Sprott, and Brookfield Asset Management, will release their latest quarterly earnings reports today. These earnings reports are expected to provide clearer insight into how Canadian firms are navigating inflationary pressures, trade tensions, and shifting interest rate expectations.
Market movers on the TSX today
