Canadian Stocks Rise Sharply Amid Gold And Crude Oil Gains

(RTTNews) - Canadian stocks moved sharply higher on Thursday, extending yesterday's gains as increases in gold and crude oil prices lifted energy and mining stocks even as investors assessed reports about the upcoming budget.

After opening higher than yesterday's close, the benchmark S&P/TSX Composite Index traded firmly positive throughout the session before finally closing at 30,186.28, up by 203.30 points (or 0.68%).

Seven of the 11 sectors posted gains today with the healthcare sector leading the pack.

Gold prices soared on Thursday after two days of steep decline as U.S.-China tensions are heating up again following a few days of cooling off.

Front Month Comex Gold for October delivery jumped to $4,125.50 per troy ounce.

Similarly, crude oil catapulted on Thursday, extending gains from the past two sessions, as the U.S. takes up the "sanctions route" against Russia after dropping attempts to pursue diplomacy to end the Russia-Ukraine war.

WTI Crude Oil for December delivery was last seen trading up by $3.22 (or 5.50%) at $61.72 per barrel.

The sharp increases in the prices these commodities pushed up mining and energy stocks, which lifted the broader market.

Today, Prime Minister Mark Carney announced that the Canada Growth Fund will invest $2 billion to support the construction of four Small Modular Reactors (SMR) at the Darlington New Nuclear Project in Bowmanville, Ontario to boost industrial growth and drive more jobs.

In his maiden budget to be tabled on November 4, Carney is focusing on measures to reduce economic and security reliance on the U.S. and restrict a lot of wasteful spending.

Yesterday, Carney stated that American tariffs are causing a chill and added that Canada should aim to double its non-U.S. exports in the next decade, though he conceded that it may cause "some struggles for some people."

Carney also conceded that Canada's strengths based on its close ties with the U.S. have now become its vulnerabilities.

Data released by Statistics Canada today revealed that retail sales excluding autos in Canada increased 0.7% month-over-month in August.

The Bank of Canada is due to announced its latest decision on interest rates on October 29.

The September jobs report showed solid 60,000 employment gains while unemployment held stable at 7.1%.

For the month of September, headline inflation rose more than the consensus to 2.4%, with both core measures (i.e., median and trim) also accelerating by 0.1% to 0.2% to above 3.0%.

Despite increase in inflation and steady jobs report, analysts expect the BoC to implement another rate cut due to the ongoing uncertainty among Canadian businesses.

Of note, the BoC's quarterly Business Outlook Survey, published earlier this week showed that while business sentiment marginally improved compared to the second quarter, uncertainty around trade policy continues to weigh heavily on investment and hiring plans.

More companies expected decrease in sales in the future. Many firms stated that weaker demand is limiting their ability to pass on the higher costs incurred due to tariffs to the customers.

On October 17,Bank of Canada Governor Tiff Macklem downplayed gains in employment and expected soft hiring across the economy and emphasized the risks to growth and labor market.

On the business front, Rogers Communications Inc. reported a third-quarter profit attributable to shareholders of $5.75 billion.

Property services provider, FirstService (FSV) came out with quarterly earnings of $1.76 per share and posted revenues of $1.45 billion for the quarter ending September 2025.

Major sectors that gained in today's trading were Healthcare (2.69%), IT (2.12%), Energy (1.95%), Consumer Discretionary (1.04%), and Materials (0.99%).

Among the individual stocks, Baytex Energy Corp (5.02%), International Petroleum Corp (4.92%), Enerflex Ltd (4.27%), Torex Gold Resources Inc (3.29%), Methanex Corp (3.26%), and Discovery Silver Corp (3.13%) were the prominent gainers.

Major sectors that lost in today's trading were Industrials (0.08%), Utilities (0.18%), Real Estate (0.59%), and Consumer Staples (1.00%).

Among the individual stocks, Saputo Inc (1.90%), Premium Brands Holdings Corp (1.76%), Alimentation Couche-Tard Inc (1.49%), and Firstservice Corp (9.73%) were the notable losers.

Curaleaf Holdings Inc (%) and International Petroleum Corp (4.92%) were among the prime market-moving stocks today.