Canadian stocks continued to rally for the third consecutive session on Friday as surging precious metals prices and recent central bank easing lifted investor sentiment. The S&P/TSX Composite Index jumped by 315 points, or 1.1%, to settle at 29,768 — not only marking a new all-time closing high but also capping off the index’s strongest daily performance in over six weeks.
Despite weakness in some healthcare stocks, solid gains in most other key market sectors, mainly mining, technology, and financials, drove the index higher. Gold and silver miners rallied on the back of a sharp uptick in precious metals, while technology shares benefited from renewed investor appetite for growth. With 1.7% weekly gains, the TSX benchmark concluded its seventh consecutive winning week.
Top TSX Composite movers and active stocks
Barrick Mining, Endeavour Silver, First Majestic Silver, and Energy Fuels were the top-performing TSX stocks for the day, with each climbing by at least 6.2%.
Even as spot gold prices jumped sharply, Orla Mining (TSX: OLA) plunged 5.4% to $14.44 per share, making it the day’s worst-performing TSX stock. This pressure on OLA stock came after the American gold giant Newmont (NYSE: NEM) disclosed it had sold its entire 13.3% stake in the Vancouver-based miner.
Newmont offloaded 43 million Orla shares on the Toronto Stock Exchange at $14 each, raising about US$439 million in gross proceeds. Newmont highlighted this move as part of its broader effort to streamline its portfolio and free up capital for other priorities. While Orla’s management showed confidence in its long-term growth plans, the exit of a major shareholder weighed heavily on investor sentiment and drove the stock lower. On a year-to-date basis, OLA stock is still up 81%.
Vermilion Energy, BRP, and Baytex Energy were also among the bottom performers on the Toronto Stock Exchange, with each diving by at least 3.5%.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Whitecap Resources, Kinross Gold, and Denison Mines stood out as the most active stocks on the exchange.
TSX today
Gold and silver continued their solid momentum in early Monday trading, extending last week’s gains and setting the stage for a higher opening in TSX mining stocks today.
While no major economic or corporate releases are due this morning, Canadian stocks may continue to trade on a firm note on the back of strong momentum in the materials sector.
Later in the week, investors will be watching closely as Fed chair Jerome Powell and Bank of Canada governor Tiff Macklem deliver scheduled speeches. Their remarks could provide valuable clues on the outlook for interest rates, inflation, and broader economic conditions. Alongside commodity price swings and other key economic data, these policy signals are expected to be key drivers for the TSX through the week.
Market movers on the TSX today
