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Surging metals prices and significantly cooler-than-expected U.S. wholesale inflation drove Canadian stocks higher on Friday, even as geopolitical tensions and trade concerns continued to simmer in the background. The S&P/TSX Composite Index climbed by 573 points, or 2.5%, for the day to settle at 23,588 — ending the week with a gain of 1.7% despite earlier volatility.
While all key market sectors ended the session in green territory, the TSX rally was mainly led by mining, energy, and consumer stocks.
Notably, U.S. producer prices dropped 0.4% in March, the sharpest monthly decline since October 2023, driven by a 4.0% drop in energy costs and a 2.1% fall in food prices. The unexpectedly soft inflation reading bolstered investor confidence that the Federal Reserve might cut interest rates in the near term, sparking renewed buying across equities.
Top TSX Composite movers and active stocks
Torex Gold Resources (TSX:TXG) stock jumped by 10.8% to $43.88 per share, making it one of the top-performing TSX stocks. This rally in TXG stock came a day after the company reported better-than-expected first-quarter 2025 production results and announced the successful commissioning of key infrastructure tied to its Media Luna project in Mexico.
In the latest quarter, Torex achieved payable gold equivalent production of 59,630 ounces despite a planned four-week mill tie-in related to integrating the flotation circuit. More importantly, Torex confirmed the first production of copper concentrate and the completion of the Guajes Tunnel conveyor, with Media Luna underground development tracking ahead of plan. On a year-to-date basis, TXG stock is up 55%.
Seabridge Gold, NovaGold Resources, and Energy Fuels were also among the top gainers on the Toronto Stock Exchange, with each rising at least 8%.
In contrast, Tilray Brands and Power Corporation of Canada slipped by at least 2.7% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, Kinross Gold, Baytex Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
On Friday, the White House clarified that semiconductors are officially exempt from the heightened reciprocal tariffs imposed earlier. However, the clarification sparked confusion after President Trump took to social media during the weekend to insist that no product was getting “off the hook.” In a strongly worded post, Trump emphasized that semiconductors remain under scrutiny and are currently subject to a separate 20% fentanyl tariff. Given these trade uncertainties and mixed commodity prices, the TSX could remain flat at the open today.
On the corporate events side, the TSX-listed Prairiesky Royalty will announce its latest quarterly results today after the market closing bell. Street analysts expect the energy-focused royalty firm to post $0.23 per share in adjusted earnings for the March quarter.
Market movers on the TSX today
