Canadian equities continue to surge for a second consecutive session on Monday as growing speculation about more interest rate cuts in the U.S. helped investors temporarily shake off concerns around commodity price volatility and tech valuations. As a result, the S&P/TSX Composite Index jumped by 444 points, or 1.5%, to settle at 30,604 — marking its biggest single-day percentage gain in over a month and its second-highest closing level of November.
While some sectors, such as consumer staples and industrials, witnessed weakness, solid gains in mining, healthcare, and technology stocks pushed the TSX index higher.
Top TSX Composite movers and active stocks
Celestica, Fortuna Mining, Aris Mining, and Energy Fuels were the top-performing TSX stocks for the day, with each climbing by at least 9.7%.
Similarly, shares of Barrick Gold (TSX:ABX) were also among the day’s top gainers on the Toronto Stock Exchange, as they rose 8.5% to $55.93 apiece. This rally in ABX stock came after the Toronto-headquartered gold miner announced a full resolution of its disputes with the Government of Mali.
As part of the agreement, all charges against Barrick and its staff will be dropped, detained employees will be released, and the company will regain operational control of its Loulo-Gounkoto gold complex. This settlement also includes Barrick’s withdrawal of pending international arbitration claims. The sharp surge in ABX stock clearly reflected investors’ relief over the restored stability of one of Barrick’s key mining assets.
In contrast, Canadian National Railway, Maple Leaf Foods, Telus, and Empire Company slipped by more than 2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Telus, Barrick Mining, Cenovus Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
After showing a sharp recovery in the previous session, crude oil and gold prices were largely flat in early morning trading on Tuesday, pointing to a muted opening for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important retail sales, wholesale inflation, and consumer confidence data from the United States this morning.
These economic data points could influence market sentiment on both sides of the border, especially as they may shape expectations around the Federal Reserve’s next moves on interest rates. That’s why rate-sensitive sectors such as financials and real estate may respond sharply depending on how the numbers come in.
Market movers on the TSX today
