Canadian stocks extended their gains for a second straight session on Tuesday, supported by strong metals prices and upbeat corporate earnings as investors looked ahead to Wednesday’s interest rate announcements from the Bank of Canada and the U.S. Federal Reserve. The S&P/TSX Composite Index advanced by another 227 points, or 0.6%, to settle at 36,171, recovering nearly all of the losses recorded during the previous week’s market downturn.
Despite weakness in many key sectors like consumer staples, technology, and energy, solid intraday gains in mining, utility, and financial stocks guided the TSX benchmark higher for another day.
Top TSX Composite movers and active stocks
Celestica (TSX: CLS) rallied 12% to $388.33 per share, making it the top-performing TSX stock for the day. This rally in CLS stock came after the Toronto-based data centre infrastructure giant reported strong third-quarter financial results and raised its full-year outlook, backed by surging demand for artificial intelligence (AI) infrastructure.
Celestica’s quarterly revenue jumped 83% year-over-year, while adjusted earnings more than doubled to US$3.30 per share, exceeding management’s earlier guidance. Following these strong results, the company raised its 2026 revenue and earnings forecasts further. More importantly, Celestica now expects its revenue to surge another 90% in 2027. These impressive results and an exceptionally strong growth outlook, driven by rising AI infrastructure spending, fueled heavy buying in CLS stock.
Perpetua Resources (TSX: PPTA) also surged by nearly 11% after the Boise-based mining firm secured up to US$40 million in funding from the U.S. Army to explore domestic tungsten production at its Stibnite Gold Project in Idaho.
The 36-month agreement will support Perpetua’s exploration drilling, metallurgical testing, and engineering work to evaluate the feasibility of producing tungsten concentrate, a critical mineral used in defence and manufacturing.
Energy Fuels and Denison Mines were also among the day’s top gainers on the Toronto Stock Exchange, with each rising by 8.7%.
In contrast, Thomson Reuters, Cenovus Energy, Imperial Oil, and Suncor Energy slid by at least 4% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Enbridge, Royal Bank of Canada, Cenovus Energy, Telus, and Equinox Gold were the five most active stocks.
TSX today
Crude oil futures rose, while gold prices slipped in early Wednesday trading, which could weigh on the commodity-heavy main TSX index at the open today as rising oil reignites inflation concerns.
More importantly, the Bank of Canada’s and the Federal Reserve’s interest rate decisions scheduled for later today could significantly influence market sentiment and the TSX’s near-term direction. Both central banks are expected to hold their benchmark interest rates steady, but investors will closely examine their policy statements for clues about future monetary policy changes.
As the corporate third-quarter earnings season also gains steam, several TSX-listed companies, including Whitecap Resources, First Quantum Minerals, GFL Environmental, Primaris REIT, Cogeco Communications, Allied Properties REIT, Bausch Health, Kinross Gold, Alamos Gold, Eldorado Gold, Canadian Pacific Kansas City, Agnico Eagle Mines, West Fraser Timber, and Tamarack Valley Energy, are set to release their latest quarterly financial results today.
Overall, these developments could keep the TSX benchmark volatile on Wednesday as investors assess central bank policy announcements, corporate earnings, and mixed commodity price trends.
Market movers on the TSX today
