Canadian equities surged to their highest level in over a month on Wednesday, rising for the sixth consecutive session, after the U.S. and Iran agreed to a temporary two-week ceasefire, prompting a sharp improvement in global risk sentiment. As a result, the S&P/TSX Composite Index rallied by 383 points, or 1.2%, to 33,621 — marking its longest winning streak in six months (since October 2025).
On the one hand, sharp intraday declines in crude oil prices triggered a selloff in energy stocks, while on the other hand, strong gains in key sectors like consumer cyclicals, financials, and technology lifted the broader market.
Uncertainty about the timing of more rate cuts
Meanwhile, the latest Federal Reserve meeting minutes showed that while some policymakers still expect rate cuts later in 2026, many now believe those cuts could come later or be fewer due to persistent inflation and uncertainty tied to recent swings in energy prices.
This mixed macro backdrop kept investor sentiment cautiously optimistic, as easing geopolitical tensions supported TSX stocks while expectations of delayed or fewer interest rate cuts limited the pace of gains.
Top TSX Composite movers and active stocks
Aritzia and Hudbay Minerals surged by at least 8.2% each, making them the top-performing TSX stocks for the day.
Lundin Mining (TSX: LUN) was also among the day’s top gainers on the Toronto Stock Exchange, as its shares climbed nearly 8% to $37.96 apiece. This rally in LUN stock was mainly driven by the company’s latest acquisition, which strengthens its long-term copper growth pipeline. The miner confirmed it has completed the acquisition of an additional 5% stake in the Caserones copper mine, taking its ownership to 75%, along with a roughly 31% interest in the Los Helados project for US$215 million.
The deal is expected to add annual attributable copper production of about 6,500 to 7,000 tonnes, while also expanding Lundin’s copper and gold resource base. Investors cheered the move as it highlighted Lundin’s strategy to boost copper exposure and scale up production in a tightening global supply environment. On a year-to-date basis, LUN stock is now up 29%.
However, falling oil prices drove shares of energy companies like Parex Resources, Baytex Energy, International Petroleum, and Vermilion Energy down by at least 7.4% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Keel Infrastructure, Whitecap Resources, and Scotiabank were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed in early morning trading on Thursday, as geopolitical risks have not fully disappeared. Reports suggest that Israel has continued military operations in Lebanon despite backing the U.S.-Iran truce, while Iran has at times moved to restrict access through the Strait of Hormuz again — raising fresh concerns about the stability of global energy supply.
These developments could keep the resource-heavy main TSX index volatile at the open today, especially as investors react to any fresh headlines around shipping disruptions or renewed attacks in the region.
While no major domestic economic releases are due, Canadian investors will keep a close eye on the monthly personal consumption expenditure (PCE), gross domestic product (GDP), and weekly jobless claims data from the U.S. this morning. These updates could offer fresh cues on the strength of the U.S. economy and the Federal Reserve’s next policy moves, which in turn may influence broader market direction.
On the corporate events side, the TSX-listed companies, Cogeco Communications, BlackBerry, and Richelieu Hardware, will release their latest quarterly earnings reports today, which is likely to keep these stocks in focus throughout the session.
Market movers on the TSX today
