Canadian stocks traded positively on Wednesday after the latest FOMC (Federal Open Market Committee) meeting minutes showed policymakers acknowledged slowing economic growth and easing inflation pressures, raising expectations of potential interest rate cuts ahead. The S&P/TSX Composite Index inched up by 55 points, or 0.2%, to settle at 27,879.
Despite weakness in some sectors like consumer discretionary and healthcare, strengthening precious metals and oil prices helped lift resource-linked stocks, keeping the TSX index in positive territory.
Top TSX Composite movers and active stocks
G Mining Ventures, Barrick Mining, Agnico Eagle Mines, and Alamos Gold were the top-performing TSX stocks for the day, with each climbing by at least 3%.
In contrast, Lightspeed Commerce, Cameco, Restaurant Brands International, and TFI International slipped by at least 3.6% each, making them the session’s worst-performing TSX stocks.
Shares of Air Canada (TSX: AC) fell 1.5% to $19.11 per share, extending its year-to-date losses to over 14%. The recent decline in AC stock came after the Canadian flag carrier resumed flights following a mediated settlement with its flight attendants’ union. While 155 flights were scheduled to depart today, management cautioned that restoring full global operations could take up to 10 days as planes and crews remain out of position.
Air Canada also warned that some cancellations will continue in the near term as schedules stabilize, despite introducing an exceptional disruption policy to cover customer expenses. Investors appeared wary of lingering operational hiccups and shaken customer confidence, which explains the stock’s pullback even as service gradually returns.
Based on their daily trade volume, Canadian Natural Resources, Manulife Financial, Cenovus Energy, Enbridge, and Barrick Mining were the five most active stocks on the exchange.
TSX today
Metals prices fell sharply in early trading on Thursday. At the same time, crude oil and natural gas were slightly higher, pointing to a mixed open for the resource-heavy TSX today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest manufacturing, services, and existing home sales data from the United States this morning. These reports could provide further insight into the health of the U.S. economy and shape expectations for the Federal Reserve’s policy path. With the TSX still trading close to record highs, market sentiment is likely to remain sensitive to commodity price swings and geopolitical developments.
Market movers on the TSX today
