Canadian equities continued to trade positively for the second consecutive session on Monday as a rebound in silver and copper prices, coupled with investors’ growing expectations for a more accommodative U.S. Federal Reserve, helped support broader market sentiment. Despite facing pressures from weaker oil and gold prices, the S&P/TSX Composite Index ended the volatile session with a 16-point gain at 35,519.
Technology stocks extended their rally. On the other hand, weakness in many other key sectors like real estate, healthcare, and consumer staples dragged on the broader market and prevented the TSX from building a more convincing advance.
Top TSX Composite movers and active stocks
Athabasca Oil (TSX: ATH) jumped 13.5% to around $12 per share, making it the top-performing TSX stock for the day. This buying spree in ATH stock came after the Calgary-based energy firm agreed to be acquired by Cenovus Energy (TSX: CVE) in a cash-and-stock transaction valued at roughly $5.8 billion in equity and $5.7 billion on an enterprise-value basis.
Under the deal, Athabasca shareholders are set to receive $12 per share, reflecting a 14% premium to the stock’s 20-day volume-weighted average price, with the overall consideration expected to consist of 65% to 75% cash and 25% to 35% Cenovus shares. While investors cheered the takeover premium for Athabasca, Cenovus Energy shares fell about 3% yesterday, likely reflecting the near-term financing and integration implications of the large acquisition.
Spartan Delta, Shopify, and Kelt Exploration were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 3.9%.
On the flip side, Allied Properties REIT, Russel Metals, Vizsla Silver, and TFI International slipped by at least 3.2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Athabasca Oil, TD Bank, Cenovus Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
West Texas Intermediate (WTI) crude oil futures prices fell to their lowest level in more than a month in early Tuesday trading, while metals prices largely trended higher. Given these mixed commodity signals, TSX energy stocks could face early pressure today, while strength in metals may provide some support to mining shares.
In addition to the domestic purchasing managers’ index (PMI) data, Canadian investors may also want to monitor developments in the Canada-U.S. trade dispute, where formal negotiations remain stalled. Although the overall economic impact may remain limited, businesses with tightly integrated cross-border supply chains continue to face higher costs and greater uncertainty.
Meanwhile, geopolitical risks around the Strait of Hormuz and the Red Sea could keep energy markets volatile after fresh attacks on tankers and Saudi energy infrastructure.
Given these mixed signals, TSX investors may remain cautious while watching commodity prices, trade headlines, and interest-rate expectations today.
Market movers on the TSX today
