Despite weaker-than-expected U.S. consumer confidence data, Canadian stocks edged higher for the third straight session on Tuesday as record gold prices and firm job openings data in the U.S. helped balance out investor sentiment. The S&P/TSX Composite Index advanced by 51 points, or 0.2%, to a fresh all-time closing high of 30,023 — registering its first-ever close above the 30,000 mark.
Weakness in healthcare and consumer discretionary stocks was mainly offset as investors rotated into more defensive and commodity-linked sectors, lifting the broader market.
Overall, with 5.1% gains, the TSX Composite ended its best performance in four months. And more importantly, the benchmark concluded the quarter with an outstanding 11.8% gain, marking its strongest three-month stretch since mid-2020.
Top TSX Composite movers and active stocks
Stella-Jones (TSX:SJ) climbed by 4.1% to $79.41 per share, making it the top-performing TSX stock for the day. This rally in SJ stock came after the Canadian wood products company announced a definitive agreement to acquire Brooks Manufacturing, a U.S.-based maker of treated wood crossarms and transmission framing components.
The US$140 million deal is expected to broaden Stella-Jones’s utility product offering, strengthen its position in the growing infrastructure market, and unlock new growth opportunities. Investors welcomed the move as a strategic expansion that supports the company’s long-term growth trajectory. The recent rally extended SJ stock’s year-to-date gains to nearly 12%.
As gold prices reached new record highs, shares of NovaGold Resources, New Gold, and Aya Gold & Silver were also among the top gainers on the Toronto Stock Exchange, with each climbing by more than 3.1%.
On the flip side, Curaleaf Holdings, Energy Fuels, H&R REIT, and Tourmaline Oil dived by at least 4.3% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Barrick Mining, TC Energy, and TD Bank were the five most active stocks on the exchange.
TSX today
Gold and silver prices continued to trade firmly in early morning trading on Wednesday, while oil and base metals remained under pressure. Given these commodity trends, the TSX could see a subdued opening today.
Although no major domestic economic releases are due, Canadian investors will closely monitor the U.S. non-farm employment and manufacturing data this morning.
In addition, the start of a U.S. government shutdown could inject fresh volatility into markets, with investors weighing the risk of stalled economic data and delayed payments. If history repeats, though, shutdown jitters may also drive safe-haven flows into gold and other commodities, which could cushion the resource-heavy TSX even as Wall Street grapples with policy gridlock.
On the corporate events front, the TSX-listed NovaGold Resources will announce its latest quarterly results today.
Market movers on the TSX today
