Surging metals prices, easing Treasury bond yields, and a sharp intraday recovery in growth stocks helped Canadian equities start the new week on a bullish note as investors looked past recent macroeconomic uncertainties and repositioned ahead of key economic data releases later this week. The S&P/TSX Composite Index climbed by 211 points, or 0.7%, to close at a new all-time high of 29,972.
Even as sharp intraday declines in crude oil prices led to weakness in energy stocks, solid gains in nearly all other key market sectors, including healthcare, technology, and mining, powered the TSX rally to just shy of the 30,000 mark.
Top TSX Composite movers and active stocks
Curaleaf Holdings, First Quantum Minerals, Seabridge Gold, and Hudbay Minerals were the top-performing TSX stocks for the day, with each jumping by at least 7.3%.
Shares of Shopify (TSX: SHOP) were also among the top gainers on the Toronto Stock Exchange as they climbed by over 6% to $207.46 apiece, registering their best single-day advance in more than seven weeks. This rally in SHOP stock came after the Canadian e-commerce platform provider announced a partnership with Microsoft-backed OpenAI to enable direct product purchases through ChatGPT conversations.
The new integration will allow shoppers to buy from Shopify merchants without leaving the chat, marking a major leap toward what the company calls “agentic commerce.” With real-time inventory and seamless checkout experiences, Shopify merchants will be able to benefit from the fast-growing artificial intelligence (AI)-driven shopping trend. Shopify investors cheered the move as a bold step into the future of commerce, helping drive SHOP stock higher, which now trades with 36% year-to-date gains.
In contrast, Vermilion Energy and NFI Group fell at least 4.8% each, making them the day’s worst-performing TSX stocks.
Barrick Mining (TSX: ABX) also dropped 4% after its chief executive officer, Mark Bristow, stepped down, with Mark Hill named group chief operating officer and interim president and chief executive officer. While the board emphasized continuity, the sudden transition in the gold miner’s top leadership seemingly unsettled investors.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Cenovus Energy, Barrick Mining, and TC Energy were the five most active stocks on the exchange.
TSX today
After settling comfortably above US$3,800 per ounce for the first time in history, spot gold prices continued to inch up in early Tuesday trading, which could lift TSX mining stocks further at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important U.S. consumer confidence and job openings data this morning. These indicators could provide fresh clues about the strength of the U.S. economy and shape expectations for future interest rate moves, which remain a key driver for equity markets on both sides of the border.
Market movers on the TSX today
