Canadian equities edged higher on Thursday with investors largely reacting to the recent rate cut, central bank signals for further easing, and expectations of improving economic conditions. The S&P/TSX Composite Index advanced by 132 points, or 0.4%, to settle at yet another record close of 29,454.
While some consumer discretionary and industrial stocks fell, the TSX rally was mainly driven by solid gains in key sectors like technology, mining, and healthcare.
Top TSX Composite movers and active stocks
Capital Power (TSX: CPX) jumped over 6% to $65.10 per share, making it the top-performing TSX stock for the day. This rally in CPX stock came after the Edmonton-based power producer signed a new long-term contract for its Midland Cogeneration Venture (MCV) facility in Michigan with Consumers Energy.
This deal, which extends to 2040, covers about 75% of the plant’s capacity and is expected to add roughly US$100 million in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) annually starting in 2030. This reflects an 85% increase over the current pricing. Capital Power highlighted the agreement as a major milestone that locks in revenue stability while underscoring its MCV facility’s role in grid reliability as demand grows. So far in September, CPX stock has risen nearly 14%.
BlackBerry, NovaGold Resources, and Shopify were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 3%.
Despite the broader market rally, Ivanhoe Mines, Endeavour Silver, Thomson Reuters, and Orla Mining plunged by at least 3.2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Cenovus Energy, Canadian Natural Resources, Barrick Mining, Ivanhoe Mines, and Suncor Energy were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices continued to decline for the third consecutive session in early Friday trading, which could pressure TSX energy stocks at the open today. Meanwhile, precious metals showed strength in early trading, which could offer some support to the mining sector amid broader commodity volatility.
While no major economic releases from the U.S. are due, Canadian investors will closely monitor the domestic retail sales this morning. The data will offer fresh insights into consumer spending trends and could influence expectations around the Bank of Canada’s next move.
With around 0.6% week-to-date gains, the TSX benchmark seems on track to end the seventh consecutive week in the green.
Market movers on the TSX today
