Canadian stocks resumed their upward momentum on Tuesday as upbeat bank sector earnings, better-than-expected U.S. consumer confidence figures, and rising gold prices pushed the market benchmark higher, extending its rebound from Monday’s pullback. The S&P/TSX Composite Index climbed by 170 points, or 0.6%, to reach a new all-time high of 28,340.
Despite continued weakness in healthcare, consumer staples, and utility stocks, solid gains in other sectors, like mining, financials, and industrials, helped fuel another record-setting session.
Top TSX Composite movers and active stocks
Shares of Energy Fuels (TSX:EFR) popped by 12.4% to $17 apiece, making it the top-performing TSX stock for the day. The surge in EFR stock came after the firm announced a memorandum of understanding (MOU) with Vulcan Elements to create a U.S.-based rare earth magnet supply chain independent of China.
Under the deal, Energy Fuels will supply high-purity neodymium-praseodymium and dysprosium oxides from its White Mesa Mill in Utah for validation in Vulcan’s magnet production. The news boosted investors’ confidence as these materials are critical for defence and high-tech applications like electric vehicles, robotics, and artificial intelligence (AI) infrastructure. On a year-to-date basis, EFR stock is now up 130%.
Bank of Nova Scotia (TSX:BNS) also jumped nearly 7% to $84.98 per share after it posted stronger-than-expected fiscal third-quarter (ended in July) results. During the quarter, the bank’s adjusted earnings climbed by 15.3% year over year to $1.88 per share, with return on equity improving to 12.4% from 11.3%.
Robust results across its global banking & markets and wealth management, along with disciplined expense management, drove Scotiabank’s latest earnings beat. These positive updates drove BNS stock sharply higher as its solid profit growth and improved capital efficiency signaled momentum in the Canadian lending giant’s turnaround strategy.
Denison Mines, Orla Mining, and Bank of Montreal were also among the day’s top gainers on the Toronto Stock Exchange, with each rising by at least 4.7%.
However, Headwater Exploration and NuVista Energy slid by at least 2.7% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s trade volume data, Canadian Natural Resources, Cenovus Energy, Quebecor, Scotiabank, and AtkinsRéalis were the five most active stocks.
TSX today
Commodity prices across the board were mixed in early morning Wednesday trading, suggesting a cautious start for the resource-heavy TSX as investors digest recent record highs.
While no major economic releases are due, Canadian investors will continue to closely watch the next round of Canadian bank earnings, with Royal Bank of Canada and National Bank of Canada scheduled to report before the market opening bell. In addition, the TSX-listed discount retailer Dollarama will also release its latest earnings report today.
Market movers on the TSX today
