The Canadian stock market continued to rise for a second consecutive session on Wednesday as easing Treasury bond yields, hopes of progress in Canada-U.S. trade discussions, and renewed buying interest supported investor sentiment. The S&P/TSX Composite Index advanced by 217 points, or 0.6%, to settle at 36,325, reaching its highest closing level in four weeks.
Even as weaker metals prices drove mining stocks lower, strong intraday gains in other key sectors like financials, industrials, and utilities lifted the TSX benchmark.
Top TSX Composite movers and active stocks
AbraSilver Resource (TSX: ABRA) jumped by 12.5% to $12.70 per share, making it the top-performing TSX stock for the day. This rally in ABRA stock came after the Toronto-headquartered exploration firm posted its strongest gold drilling result to date at the Oculto deposit within its Diablillos project in Argentina.
Notably, AbraSilver found a high-grade gold zone about 50 metres below the current open-pit design and beyond the existing mineral resource boundaries, suggesting potential for further resource expansion. The company now expects to complete its ongoing Phase VI exploration program by the end of 2026 and release an updated mineral resource estimate in the second quarter of 2027. These encouraging drilling results and the potential for additional gold discoveries fueled strong buying in ABRA stock.
BlackBerry, Mullen Group, and Hammond Power Solutions were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 4.5%.
In contrast, Ivanhoe Mines, Magna International, Capstone Copper, and Lundin Mining slipped by at least 2.9% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Telus, Athabasca Oil, Enbridge, TC Energy, and BCE were the five most active stocks on the exchange.
TSX today
Crude oil prices trended slightly higher in early Thursday trading as fresh reports raised concerns about a possible escalation of the U.S.-Iran conflict after the upcoming American midterm elections. At the same time, metals prices tanked sharply, with gold down about 2% and silver losing nearly 4% of its value in intraday trading. This sharp selloff in metals could trigger renewed selling in Canadian mining shares, which could put significant pressure on the resource-heavy TSX benchmark at the open today.
Rising crude oil prices could offer some relief to Canadian energy producers, but they may not be enough to offset broader market weakness. With commodity markets under pressure and geopolitical risks mounting, the TSX could struggle to extend its two-day winning streak on Thursday.
Shares of Waste Connections are likely to remain in focus today as the waste management company released its stronger-than-expected third-quarter financial results after Wednesday’s closing bell and raised its full-year outlook.
In addition, the TSX-listed FirstService and Mullen Group will also release their third-quarter earnings reports today, which could set the direction for their shares amid growing uncertainty in global financial markets.
