Canadian stocks continued to rally for the third straight session on Tuesday as strengthening metals prices and hopes of a stable interest rate environment supported investor sentiment. With this, the S&P/TSX Composite Index notched its second consecutive record close at 32,407, up 187 points, or 0.6% from its previous close.
Although weaker crude oil prices amid the expectations of more supply from Venezuela following recent U.S. intervention weighed on energy stocks, solid gains in most other key sectors, such as mining, technology, and consumer discretionary, pushed the TSX benchmark to new heights.
Top TSX Composite movers and active stocks
First Majestic Silver, Endeavour Silver, Perpetua Resources, and Aya Gold & Silver were the top-performing TSX stocks for the day, with each climbing by at least 6.4%.
In contrast, Bombardier, Enerflex, and Baytex Energy slid by at least 3.4% each, making them among the dayâs bottom performers on the Toronto Stock Exchange.
Shares of Bank of Nova Scotia (TSX:BNS) also slipped 3% to $99.74 apiece after its managementâs comments highlighted lingering uncertainty tied to geopolitical shifts in Latin America. Speaking at an industry conference, Scotiabank CEO Scott Thomson said rising U.S. influence and a more pro-business tilt in countries like Mexico, Chile, Peru, and Colombia could support the bankâs long-term growth strategy.
However, he also acknowledged that the region may face nearâterm volatility after what he described as a âlost decadeâ for growth. Notably, BNS stock ended 2025 with a solid 31% increase.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Cenovus Energy, TC Energy, and B2Gold were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures fell further in overnight global trading after U.S. president Donald Trump said that Venezuela would transfer up to 50 million barrels of sanctioned oil to the United States. The oil will be sold at market prices, with proceeds overseen by the White House, according to Trumpâs statement late Tuesday.
At the same time, precious metals prices eased slightly in early Wednesday morning trading, following a three-day rally.
Given these mixed signals, the TSX could see a more muted opening today, with investors reassessing positions across resource-linked sectors.
In addition to the domestic purchasing managers index (PMI) data, Canadian investors will closely monitor the important U.S. jobs report and services PMI figures this morning for fresh insights into the health of the North American economy.
These releases could influence expectations around central bank policy paths on both sides of the border, particularly as markets weigh the likelihood of rate cuts in the first half of 2026.
Market movers on the TSX today
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More reading
- TFSA: 4 Canadian Stocks to Buy Now and Hold Forever
- Beyond Telus: These Dividend Heavyweights Look Like Better Buys Today
- Is BNS Stock a Buy, Sell, or Hold for 2026?
- To Get More Yield From Your Savings, Consider These 3 Top Stocks
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Fool contributor Jitendra Parashar has positions in Canadian Natural Resources and Toronto-Dominion Bank. The Motley Fool recommends B2Gold, Bank Of Nova Scotia, Canadian Natural Resources, and Enerflex. The Motley Fool has a disclosure policy.
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