Canadian equities continued to surge for a second consecutive session on Wednesday as hopes of a potential de-escalation in the Middle East conflict and easing energy prices continued to lift overall market sentiment. The S&P/TSX Composite Index inched up by 190 points, or 0.6%, to settle at 32,958 — extending the market benchmark’s two-day gains to 3.2%.
On the one hand, sharp intraday declines in crude oil prices pressured the TSX-listed energy stocks. On the other hand, handsome gains in other key market sectors like mining, healthcare, and real estate drove the broader market index higher.
Top TSX Composite movers and active stocks
Discovery Silver, Capstone Copper, Torex Gold Resources, and Americas Gold and Silver were the top-performing TSX stocks for the day, as they jumped by at least 7.3% each.
However, shares of Ivanhoe Mines (TSX:IVN) plunged by nearly 12% to $10.51 apiece after the Vancouver-based mining firm released an updated independent technical report for its flagship Kamoa-Kakula Copper Complex and cut its near-term production outlook. The company revised its 2026 copper production guidance down to 290,000 to 330,000 tonnes, compared with its earlier forecast of 380,000 to 420,000 tonnes, while 2027 guidance was lowered to 380,000 to 420,000 tonnes.
Ivanhoe Mines also raised its 2026 cash cost guidance to $2.60 to $3.00 per pound from the prior range of $2.20 to $2.50 per pound, reflecting a more conservative mine plan and slower underground development rates. While the company continues to target an annualized production of over 500,000 tonnes from 2028, investors appeared focused on the reduced near-term output and higher costs, which triggered the sharp selloff in IVN stock.
Birchcliff Energy, Advantage Energy, and Athabasca Oil also slipped by at least 8.3% each, making them among the day’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, Canadian Natural Resources, Ivanhoe Mines, Whitecap Resources, Baytex Energy, and Bank of Nova Scotia were the five most active stocks on the exchange.
TSX today
After easing in the last two sessions, West Texas Intermediate (WTI) crude oil futures prices jumped again in early morning trading on Thursday, while metals prices across the board fell sharply. As a result, the commodity-heavy main TSX index may face mixed pressure at the open, with potential gains in energy stocks being offset by weakness in mining shares.
This heightened volatility in the commodity market came after U.S. president Donald Trump in his national address, signaled that key military objectives in Iran are nearing completion, while also warning of further strikes if a deal is not reached in the coming weeks. Trump’s remarks highlighted progress in weakening Iran’s military capabilities but stopped short of offering a definitive end date for the conflict.
On the corporate events side, Canadian investors may want to keep an eye on the latest U.S. jobs data. Overall, TSX investors may remain cautious today before heading into the long Good Friday weekend while closely tracking geopolitical developments that could quickly shift market sentiment.
Market movers on the TSX today
