Despite falling oil and precious metals prices, Canadian equities started the new week on a positive note as investors assessed Bank of Canada Governor Tiff Macklem’s latest comments on inflation, growth, and trade-related risks. Macklem highlighted a rebound in exports, investment, and private-sector hiring and said many exporters are increasingly looking beyond the United States. As a result, the S&P/TSX Composite Index jumped by 203 points, or 0.6%, to settle at 36,009, marking its highest close in nine sessions.
Although falling commodity prices pressured energy and mining stocks, solid gains in most other key sectors, including technology, real estate, and financials, lifted the TSX benchmark.
Top TSX Composite movers and active stocks
Shares of Aecon Group (TSX: ARE) surged over 8% to $51.04 apiece, making it the top-performing TSX stock for the day. The rally in ARE stock followed the construction company’s announcement that its teams had secured contracts worth nearly $3 billion for the Pickering Nuclear Generating Station Refurbishment Project.
Aecon said its share of the contracts totals about $1.75 billion, which will be added to its Construction segment backlog in the third quarter. Project execution is expected to begin in January 2027, subject to regulatory approval. The sizeable backlog addition and Aecon’s expanded role in one of Canada’s major nuclear refurbishment projects helped fuel investor optimism.
Shopify, BlackBerry, and MDA Space were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 6.2%.
CAE (TSX: CAE) also rallied by more than 5% after its U.S. division secured a US$300 million contract from the U.S. Air Force to continue providing C-130H aircrew training services. The competitive recompete award extends CAE’s role as the program’s prime contractor through December 2035.
Under the contract, CAE will provide training, maintenance and logistics support, cybersecurity solutions, and system upgrades for C-130H pilots and other aircrew. The sizeable contract and extension of CAE’s long-standing relationship with the U.S. Air Force led to a buying spree in CAE stock.
In contrast, Montage Gold, Spartan Delta, Parex Resources, and Paramount Resources slid by at least 4.6% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Telus, TC Energy, Enbridge, and Tourmaline Oil were the five most active stocks on the exchange.
TSX today
Crude oil and copper prices trended higher in early Tuesday trading, while gold and silver prices continued to slide. Given these mixed commodity market signals, TSX energy shares could see some support at the open today, while precious metals miners may remain under pressure.
Canadian investors may also want to keep an eye on Nutrien and other fertilizer-related stocks after U.S. president Donald Trump said Washington was working on a big deal to purchase potash from Belarus. The U.S. has historically relied heavily on Canadian potash, and any shift in U.S. sourcing could add another layer of uncertainty for Canadian producers as the broader Canada-U.S. trade dispute continues.
Meanwhile, developments at the United Nations General Assembly could keep oil prices and broader market sentiment in focus as U.S. and Iranian officials gather in New York amid tentative prospects for diplomacy but continued tensions in the Middle East.
Market movers on the TSX today
