Despite mixed commodity prices, the rally in Canadian stocks extended for the third consecutive session on Tuesday as largely weaker-than-expected U.S. retail sales, consumer confidence, and wholesale inflation readings boosted investors’ confidence that more interest rate cuts may arrive sooner than previously expected. The S&P/TSX Composite Index advanced by 296 points, or 1%, to settle at 30,901 — notching a fresh all-time high and stretching its year-to-date run to 25%.
While all key market sectors ended the day in green territory, the TSX rally was mainly led by handsome gains in consumer discretionary, industrials, and financial stocks.
Top TSX Composite movers and active stocks
NovaGold Resources (TSX:NG) was one of the top-performing TSX stocks for the day, as it surged by nearly 6% to $13.02 per share. The gold miner’s rally came after it released impressive high-grade drilling results from its Donlin Gold project, with standout intercepts as high as 26.22 grams per ton.
On top of that, NovaGold received a major boost from the Alaska Supreme Court, which upheld key permits, including water rights and the lease for a planned pipeline. Its Donlin Gold project was also accepted into a U.S. federal permitting program that may improve transparency and speed. Investors cheered these updates, which apparently clear the way for NovaGold’s next stage of mine development at one of the world’s most promising gold deposits. So far in 2025, NG stock has jumped over 170%.
BRP, Denison Mines, and Alimentation Couche-Tard also rose by at least 4.9% each, making them among the day’s top gainers on the Toronto Stock Exchange.
In contrast, Kelt Exploration, Parex Resources, BlackBerry, and Tamarack Valley Energy ranked as the session’s worst-performing TSX stocks, as they slid by at least 3.4% each.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Enbridge, B2Gold, and Telus were the five most active stocks on the exchange.
TSX today
Metal prices across the board jumped in early trading on Wednesday, which could lift TSX mining stocks at the open today.
While no major domestic economic releases are due, Canadian investors will remain busy watching key economic data from the United States this morning, including quarterly GDP (gross domestic product), monthly PCE (personal consumption expenditures), and new home sales.
On the one hand, positive surprises — especially a cooler PCE reading — could reinforce market optimism around a sooner-than-expected rate cut path, giving further fuel to the TSX’s record-setting rally. On the other hand, the combination of strong economic activity and persistent inflation in today’s data could challenge the market’s dovish outlook and prompt a pullback in equities on both sides of the border.
Market movers on the TSX today
