Canadian stocks resumed their upward momentum on Wednesday after the U.S. Federal Reserve kept the interest rates steady but projected that rate cuts could be on the horizon later this year. Hopes of multiple rate cuts in 2025, along with rallying commodity prices, pushed the S&P/TSX Composite Index up by 363 points, or 1.5%, to 25,069 — registering its largest single-day points gain since December 2023.
Nearly all key sectors ended the session in positive territory, with technology, financial, and energy stocks leading the TSX rally.
In the opening statement of his press conference, Fed chair Jerome Powell said that officials expect interest rates to decline to about 3.9% by year-end from the current range of 4.25% to 4.5%. However, he emphasized this forecast depends on economic developments amid “unusually elevated” uncertainty.
Top TSX Composite movers and active stocks
Alimentation Couche-Tard (TSX:ATD) inched up by 6.3% to $70.74 per share after announcing its latest quarterly financial results. In the quarter ended in January 2025, the Laval-headquartered convenience store operator’s revenue rose 6.5% year over year to US$20.9 billion, with a 5% growth in merchandise and service sales.
Despite a slight decline in its U.S. same-store sales, strong fuel margins helped Couche-Tard post a 2.9% increase in its quarterly net profit to US$641.4 million. As the company continues to integrate TotalEnergies’s European assets, it expects US$179 million in synergies by 2029. On a year-to-date basis, ATD stock is still down 11.3%.
Shopify, First Quantum Minerals, and Birchcliff Energy were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 5.9%.
After the market closing bell, Shopify said it will transfer its U.S. stock exchange listing from the NYSE to NASDAQ, with trading set to begin on March 31, 2025, under its ticker symbol “SHOP.”
In contrast, Tilray, MAG Silver, Boyd Group Services, and Aya Gold & Silver slipped by at least 2.3% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Whitecap Resources, Canadian Imperial Bank of Commerce, Tourmaline Oil, and Baytex Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were bullish in early trading on Thursday, pointing to a slightly higher open for the resource-heavy main TSX index today.
In addition to the important U.S. jobless claims, existing home sales, and manufacturing numbers this morning, Canadian investors will also watch the Bank of Canada governor Tiff Macklem’s speech in the afternoon. With commodity prices remaining strong, energy and mining stocks could help the TSX maintain its recent momentum, though volatility may persist as markets digest key economic indicators.