Canadian Stocks Jump As Gold Hits Record And Banks Impress
What’s going on here?
Canadian stocks bounced back from their sharpest drop in six months, with the S&P/TSX Composite Index jumping 1.7% to 30,353.61 following the Thanksgiving Day break.
What does this mean?
A winning combination of record gold prices and upbeat bank earnings powered the TSX’s rally. Materials stocks, including major miners, spiked 3.2% as gold hit an all-time high above $4,100 per ounce. That jump was fueled by expectations of a US rate cut and renewed appetite for safe-haven assets as US–China trade tensions ramp up. Orla Mining’s shares soared nearly 20% on positive results, while uranium producer Energy Fuels soared almost 30%. Financial stocks gained too, thanks to surprising strength in US bank numbers, which boosted optimism for Canadian lenders. Tech and consumer shares also ended higher. The only weak spot was energy, dipping 0.3% as oil prices fell on supply gluts and economic jitters.
Why should I care?
For markets: Gold keeps setting the pace for investors.
Gold’s record-breaking run shows investors are still seeking safety as economic worries and global uncertainty linger, with materials leading the TSX comeback. Banks are getting a new lease on life as both US and Canadian earnings beat expectations, which is giving a boost to tech and consumer stocks too. Still, energy’s ongoing slide is a reminder that some sectors remain under pressure as the outlook for oil darkens heading into 2026.
The bigger picture: Canada’s fortunes rise alongside global commodity momentum.
The rally underscores just how closely Canadian markets track global commodities and economic currents. Shifting US interest rate expectations and intensifying geopolitical tensions are keeping the spotlight firmly on materials and banks. That means Canada’s market is both a weathervane and a winner when it comes to the world’s appetite for gold, metals, and financial stability.
