After a day of pause, Canadian stocks resumed their upward momentum on Wednesday, supported by positive investor reaction to the latest minutes of the Federal Open Market Committee (FOMC), which confirmed expectations of further interest rate cuts in the coming months. The S&P/TSX Composite Index rose by 150 points, or 0.5%, to close at 30,502, inching closer to its record high.
Even as a pullback in oil and gas prices drove energy stocks lower, solid gains in other key market sectors like technology and mining lifted the TSX benchmark.
In the latest minutes, the U.S. Fed acknowledged that “job gains have slowed” and that “downside risks to employment have risen,” strengthening hopes of further rate cuts in the near term.
Top TSX Composite movers and active stocks
K92 Mining (TSX:KNT) popped nearly 11% to $19.47 per share, making it the top-performing TSX stock for the day. This rally in KNT stock came after the Vancouver-based metals miner announced strong third-quarter production results from its Kainantu Gold Mine in Papua New Guinea.
Notably, K92 produced over 44,000 gold-equivalent ounces, keeping it on track to meet its full-year guidance of up to 185,000 ounces. The company also highlighted that its newly constructed Stage 3 expansion plant is nearly complete, with the first gold pour expected early in the fourth quarter. The news triggered a buying spree in KNT stock, extending its year-to-date gains to around 124%.
First Majestic Silver, Capstone Copper, and Hudbay Minerals were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 8.3%.
Despite the broader market optimism, Allied Properties REIT and Telus slid by over 2% each, making them the day’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Cenovus Energy, Scotiabank, and Telus were the five most active stocks on the exchange.
TSX today
Metals prices continued to trend higher in early Thursday trading, supported by an uncertain macroeconomic environment and growing expectations of looser monetary policy.
While no major economic releases are due, Canadian investors may want to keep an eye on the U.S. Fed chair Jerome Powell’s remarks at the Community Bank Conference in Washington this morning. Any additional signals on the pace or timing of future interest rate cuts could influence sentiment across North American markets.
On the corporate events front, TSX-listed companies Richelieu Hardware and Aritzia will announce their latest quarterly results today, which could make their stocks active movers during the session, especially if earnings results surprise to the upside or fall short of analyst expectations.
Market movers on the TSX today
