Canadian equities extended their record-setting rally for a second consecutive session on Wednesday as robust corporate earnings, surging metals prices, and hopes of a potential shipping agreement between Iran and Oman improved broader market sentiment. The S&P/TSX Composite Index advanced by another 345 points, or 1%, to close at a new all-time high of 36,146 — extending its week-to-date gains to 2.6%.
Despite weakness in many key market sectors like energy, industrials, and utilities, sharp intraday gains in mining and technology stocks more than offset those losses and pushed the TSX to another historic high.
Top TSX Composite movers and active stocks
Shopify (TSX: SHOP) jumped by nearly 17% to $201.97 per share, making it the top-performing TSX stock for the day. This rally in SHOP stock followed the release of its stronger-than-expected second-quarter results, with revenue surging 34% year over year to US$3.58 billion.
Last quarter, Shopify’s gross merchandise volume also climbed 32%, while gross profit rose 31%. The e-commerce company also generated US$654 million in free cash flow, up 55%, and expanded its free cash flow margin to 18% from 16% a year ago. Adding to the optimism, the company projected low-30s percentage revenue growth for the third quarter, boosting investor confidence and triggering a buying spree.
Eldorado Gold, Perpetua Resources, and Sprott were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 9.9%.
In contrast, RB Global (TSX: RBA) plunged by more than 14% after posting second-quarter 2026 results. The marketplace operator reported an 11% year-over-year increase in revenue, while its net profit climbed 31% to US$143.6 million.
Adjusted earnings before interest, taxes, depreciation, and amortization also rose 6% from a year ago to US$387.2 million, supported by growth in its automotive business and contributions from acquisitions. The company also raised its full-year 2026 outlook, increasing its expected gross transaction value growth to 9% to 11%. Despite these solid results and improved guidance, the sharp selloff in RBA stock suggested investors may have been expecting an even stronger quarterly performance or a larger upward revision to the company’s outlook.
Thomson Reuters, Curaleaf, and Tamarack Valley Energy also slipped by at least 6.3% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Telus, Enbridge, Manulife Financial, BCE, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Crude oil prices continued to hold close to recent multi-week lows in early trading on Thursday as investors assessed ongoing diplomatic efforts surrounding the Strait of Hormuz and signs of ample global supply. Meanwhile, gold and copper prices extended their recent rally, which could provide additional support to the commodity-heavy TSX index at the open today.
With no major domestic economic releases due, Canadian investors will keep an eye on the weekly U.S. jobless claims data this morning for fresh clues about the strength of the U.S. labour market.
More importantly, corporate earnings will remain in focus as the second-quarter earnings season in Canada heats up further. Notably, many large TSX-listed companies, including Canadian Natural Resources, BCE, OpenText, Restaurant Brands International, Premium Brands, ATS, Keyera, Stella-Jones, AtkinsRéalis, Quebecor, goeasy, SmartCentres REIT, Jamieson Wellness, NFI Group, Canadian Apartment Properties REIT, Sun Life Financial, and Lundin Gold, will announce their latest quarterly results today.
Market movers on the TSX today
