TSX Today: What to Watch for in Stocks on Monday, January 26

Strong commodity prices and defensive buying lifted the TSX to another record close last week, with today’s focus on metals strength and upcoming policy decisions.

Key Points
  • The TSX Composite rose 142 points to a record 33,145 on Friday, extending a three-week winning streak amid rallying commodities and defensive sector buying.
  • Top gainers included mining stocks, while Bausch Health plunged 11% on clinical trial setbacks, with energy and mining shares leading trading volumes.
  • Record-high gold and silver prices could lift mining stocks at open today, with volatility expected ahead of central bank rate decisions and the fourth-quarter earnings season.

Rallying commodity prices and continued buying in defensive sectors amid geopolitical tensions and economic uncertainties helped Canadian stocks end the third consecutive session in the green, also extending the market’s weekly winning streak to a third straight week. The S&P/TSX Composite Index climbed by 142 points, or 0.4%, on Friday to settle at 33,145 — notching a new all-time closing high.

Even as healthcare and consumer cyclical stocks continued to fall sharply, solid intraday gains in many other key sectors, such as mining, energy, and consumer discretionary, led the TSX to new heights.

tsx today

Top TSX Composite movers and active stocks

Capstone Copper, Aya Gold & Silver, Discovery Silver, and Ero Copper were the top-performing TSX stocks for the day, with each surging by at least 5.6%.

Despite the broader market optimism, shares of Bausch Health Companies (TSX: BHC) tanked by 11% to $8.07 apiece, making it the day’s worst-performing TSX stock. This drop in BHC stock followed the healthcare giant’s update on its global Phase 3 RED-C clinical program for rifaximin SSD in adults with liver cirrhosis.

While the drug was found to be safe and well-tolerated, both late-stage trials failed to meet their primary endpoint for preventing the first episode of hepatic encephalopathy. Although Bausch said it’s now reviewing the full dataset to explore potential new development opportunities, its stock fell because a Phase 3 failure added uncertainty to the company’s growth pipeline. So far in January, BHC stock has lost 15.3% of its value.

NovaGold Resources, Badger Infrastructure, and Brookfield Business Partners also slid by at least 3.3% each, making them among the session’s bottom performers on the Toronto Stock Exchange.

Based on their daily trade volume, Baytex Energy, B2Gold, Enbridge, Whitecap Resources, and Discovery Silver were the five most active stocks on the exchange.

TSX today

The TSX could start the new week on a slightly bullish note as both gold and silver climbed to fresh all-time highs in early morning trading on Monday, which could lift mining stocks at the open today.

While no major domestic economic releases are due, TSX stocks may remain volatile this week as investors await several key economic updates due later in the week, including the Bank of Canada and U.S. Federal Reserve’s interest rate decisions and policy reports.

In addition, the start of the fourth-quarter corporate earnings season is set to influence Canadian equities, with investors watching closely for 2026 guidance, consumer demand, and cost pressures.

Market movers on the TSX today

Fool contributor Jitendra Parashar has positions in Enbridge. The Motley Fool recommends B2Gold, Enbridge, and Whitecap Resources. The Motley Fool has a disclosure policy.

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