Surging metals prices helped Canadian equities rally for a second consecutive session on Monday as investors continue to watch the ongoing U.S.-Venezuela conflict and its potential impact on global resource markets. The S&P/TSX Composite Index climbed by 337 points, or 1.1%, to settle at a new all-time high of 32,220 — marking its strongest single-day gain in more than a month.
Even as shares of energy and utility companies trended lower, solid gains in most other key market sectors, including materials, technology, and real estate, helped lift the broader market to record levels. Investors piled into mining stocks amid surging gold and copper prices, while technology and real estate shares benefited from stabilizing interest rate expectations, reinforcing investor confidence at the start of 2026.
Top TSX Composite movers and active stocks
Energy Fuels, Bitfarms, Lithium Americas, and Endeavour Silver were the top-performing TSX stocks for the day, with each climbing by at least 8.6%.
On the flip side, Athabasca Oil, Canadian Natural Resources, Parex Resources, and Headwater Exploration slid by more than 5% each, making them the day’s worst-performing TSX stocks.
Shares of Kelt Exploration (TSX:KEL) were also among the bottom performers on the Toronto Stock Exchange, as they slipped by 4.5% to $7.50 apiece. The drop came even as the oil and gas producer released its 2026 guidance, projecting a 9% year-over-year rise in capital spending to $355 million, while forecasting equally adjusted funds from operations of $355 million.
Despite a planned 26% jump in Kelt’s average production volumes, the company’s outlook assumes weaker oil prices year over year. That bearish oil pricing assumption, coupled with flat year-end net debt levels, apparently weighed on investor sentiment.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, TD Bank, TC Energy, and Baytex Energy were the five most active stocks on the exchange.
TSX today
After plunging sharply in the first half of Monday’s trading, West Texas Intermediate crude oil futures prices bounced back sharply later in the day, a move that could lift TSX energy stocks at the open today. Meanwhile, gold, silver, and copper prices continued to rally in early Tuesday trading, suggesting another strong opening for Canadian mining and resource stocks.
While no major economic releases are due this morning, investors on both sides of the border will continue to closely monitor geopolitical developments and their influence on commodity flows and market sentiment. Any new statements from the U.S. about its strategy in Venezuela could sway investor sentiment, especially in the energy and mining sectors.
Market movers on the TSX today
