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
