TSX Today: Why Canadian Stocks Could Rally on Monday, August 26

Surging crude oil, gold, and silver prices and growing hopes about rate cuts in the U.S. could take the TSX Composite benchmark to new heights today.

| More on:
tsx today

Canadian stocks rallied sharply on Friday after the Federal Reserve Chair Jerome Powell, during his speech at Jackson Hole, hinted that the U.S. central bank is likely to start slashing interest rates in the near term, saying, “The time has come for policy to adjust.” Investors’ positive reaction to these comments and strengthening commodity prices helped the S&P/TSX Composite Index climb by 249 points, or 1.1%, for the day, reaching 23,286, a fresh all-time high.

While all key market sectors ended the day with handsome gains, the TSX rally was mainly led by notable advances in real estate, mining, and technology stocks.

Top TSX Composite movers and active stocks

Denison Mines (TSX:DML) jumped by nearly 13% to $2.29 per share, making it the session’s top-performing TSX stock. These solid gains in DML stock came after Kazatomprom, the world’s largest uranium producer, lowered its 2025 production target by 17% due to project delays and sulfuric acid shortages.

Investors expect a reduction in Kazatomprom’s union production, which may lead to an increase in the uranium price. This factor, along with the broader market optimism, could be the two primary reasons for recent big gains in Denison Mines stock.

NexGen Energy, Canfor, and Interfor were also among the top performers on the Toronto Stock Exchange, with each surging by more than 7%.

On the flip side, Restaurant Brands International and Quebecor slipped by at least 1.3% each, making them the day’s bottom performers on the Toronto Stock Exchange.

Based on their daily trade volume, Manulife Financial, Suncor Energy, Great-West Lifeco, Canadian Natural Resources, and Enbridge stood out as the most active stocks on the exchange.

TSX today

Commodity prices across the board were bullish early Monday morning, pointing to a higher open for the resource-heavy main TSX index today.

While no major economic releases are due this morning, growing hopes about interest rate cuts in the United States could continue to help stocks trade on a firm note.

In addition, Canadian bank stocks are likely to remain volatile this week as investors await their quarterly earnings reports.

Market movers on the TSX today

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends Canadian Natural Resources, Enbridge, and Restaurant Brands International. The Motley Fool has a disclosure policy.

More on Stock Market

Asset Management
Stock Market

3 of the Best Canadian Stocks to Buy Right Now

Are you looking for stocks that could be a major bargain right now? These three Canadian stocks could provide some…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, November 22

Continued gains in gold, oil, and natural gas prices could give the commodity-focused TSX benchmark a boost at the opening…

Read more »

Hourglass and stock price chart
Stock Market

It’s Not Too Late: Invest in These TSX Growth Stocks Now

Solid fundamentals of these top TSX growth stocks could help them maintain strong upward momentum in the years to come.

Read more »

Middle aged man drinks coffee
Stock Market

Top Canadian Stocks You Can Buy Now With Just $1,000

Undervalued Canadian stocks such as Lassonde and Jamieson Wellness trade at a sizeable discount to consensus price target estimates.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, November 21

Escalating geopolitical tensions and U.S. economic data remain on investors’ radar today as the TSX continues to hover above the…

Read more »

Paper Canadian currency of various denominations
Stock Market

3 No-Brainer Stocks to Buy Right Now for Less Than $120

Here are three undervalued TSX stocks that are positioned to deliver outsized gains to shareholders over the next 12 months.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, November 20

Despite volatile commodity prices, the TSX Composite continues to trade above the 25,000 level as investors closely monitor updates related…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, November 19

Rebounding commodity prices could lift the TSX index at the open today as investors watch the latest domestic consumer inflation…

Read more »