Even as U.S. government shutdown concerns kept investors on their toes, Canadian stocks rose for the fourth consecutive session on Wednesday as rising metals prices and significantly weaker-than-expected non-farm payrolls data in the U.S. helped fuel hopes of more rate cuts from the Federal Reserve. The S&P/TSX Composite Index advanced by 85 points, or 0.3%, to settle at 30,108 — marking a new all-time closing high for the second day in a row.
Although continued declines in crude oil prices pressured energy stocks, strong gains in many other key sectors, including healthcare, mining, and technology, provided enough upward momentum to push the TSX to another record close.
Top TSX Composite movers and active stocks
NovaGold Resources (TSX: NG) rallied 15% to $14.15 per share, making it the top-performing TSX stock for the day. This rally in NG stock came after the company filed its quarterly report showcasing major progress at its flagship Donlin Gold project, including the transformative US$1 billion acquisition of Barrick Mining’s 50% stake.
The move boosted NovaGold’s ownership in Donlin Gold to 60% and secured Paulson Advisers as a 40% partner, giving the project a strong path toward becoming the largest gold mine in the U.S. The company also highlighted strong drill results and the launch of a Bankable Feasibility Study before year-end. Investors cheered these milestones, triggering a buying spree in NG stock, which now trades with 194% year-to-date gains.
Curaleaf, Algonquin Power & Utilities, and Aya Gold & Silver were also among the top gainers on the Toronto Stock Exchange, with each jumping by at least 6.3%.
On the flip side, Nutrien and Aritzia slid by at least 3.2% each, making them the session’s worst-performing TSX stocks.
Shares of Maple Leaf Foods (TSX: MFI) slid over 3% to $31.01 apiece after the Mississauga-based firm completed the spin-off of its pork operations into Canada Packers. The move marked a strategic shift for Maple Leaf toward becoming a pure-play consumer packaged goods company, while Canada Packers will now trade independently on the TSX under the symbol “CPKR.”
Based on their daily trade volume, TD Bank, Cenovus Energy, B2Gold, Canadian Natural Resources, and South Bow were the five most active stocks on the exchange.
TSX today
Metal prices, especially gold and copper, continued to trade higher in early Thursday trading, suggesting another strong opening for TSX mining stocks today.
While no major economic or corporate releases are due this morning, Canadian investors will closely monitor any developments out of Washington as lawmakers attempt to avoid a prolonged U.S. government shutdown. This factor could add some near-term volatility to markets on both sides of the border, especially if negotiations remain stalled heading into the weekend.
Market movers on the TSX today
