TSX Today: Why Canadian Stocks Could Rise on Monday, December 22

With the TSX setting a new all-time high, today’s market direction may hinge on commodity momentum and confidence in future rate cuts.

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Key Points
  • The TSX climbed 1% on Friday to 31,756, marking a new all-time high amid rising commodities and rate cut optimism.
  • Energy Fuels surged over 8% on key mineral approval while BlackBerry slid 3.8% amid sector rotations.
  • The TSX could rise at the open today, driven by higher oil and precious metal prices with no major data releases.

The Canadian stock market edged up for the second straight session on Friday as strengthening commodity prices and renewed hopes of more rate cuts in early 2026 amid weak economic data from both sides of the border lifted investor optimism. The S&P/TSX Composite Index climbed 315 points, or 1%, to close at 31,756, marking its best single-day performance in two weeks and setting a new all-time high.

On the one hand, shares of consumer staples and utility companies fell as investors rotated out of defensive stocks in favour of more growth-sensitive sectors. However, strong gains in mining, technology, and energy stocks helped drive the TSX benchmark index higher.

With about 0.7% weekly gains, the TSX Composite ended its second consecutive week in positive territory, supported by improving sentiment around monetary policy and a rise in commodity prices.

tsx today

Top TSX Composite movers and active stocks

Shares of Energy Fuels (TSX: EFR) jumped 8.1% to $20.82 per share, making it one of the top-performing TSX stocks for the day. This rally in EFR stock came after the company announced its high-purity dysprosium oxide passed key quality tests by a major South Korean magnet maker.

The approval marks a big step for Energy Fuels in qualifying U.S.-produced heavy rare earth materials for use in electric vehicles and defence systems. With China still restricting exports of these critical minerals, investors apparently saw this development as a win for the company’s supply chain independence and future growth prospects. Notably, EFR stock has jumped 182% so far in 2025.

Bitfarms, Celestica, NexGen Energy, and Denison Mines were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by more than 7%.

On the flip side, BlackBerry, Curaleaf, West Fraser Timber, and Strathcona Resources slid by at least 3.8% each, making them the session’s worst-performing TSX stocks.

Based on their daily trade volume, Discovery Silver, Algonquin Power & Utilities, Bitfarms, Cenovus Energy, and Canadian Natural Resources were the five most active stocks on the exchange.

TSX today

Commodity prices, especially crude oil and precious metals, trended sharply higher in early morning trading on Monday, setting the stage for another potentially strong session for the resource-heavy TSX index.

While no major domestic economic releases are due, equities may start the holiday-shortened week on a positive note, buoyed by strength in commodities and growing confidence in the rate-cut narrative for early 2026.

Market movers on the TSX today

Fool contributor Jitendra Parashar has positions in BlackBerry, Canadian Natural Resources, and Celestica. The Motley Fool recommends Canadian Natural Resources, Celestica, and West Fraser Timber. The Motley Fool has a disclosure policy.

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