Canadian Stock Market Today: TSX Jumps on Tech and Gold Rally After the Open

Toronto – Monday, November 24, 2025 (midday and full‑session wrap)

Canada’s stock market kicked off the week with a surge on Monday, November 24, 2025, as the S&P/TSX Composite Index ripped higher right after the opening bell, powered by a powerful rally in technology and gold mining shares. By the close, the benchmark index had gained about 1.5%, finishing around 30,604 — one of its highest closes on record and the strongest level since mid‑November. ^[1]

Behind the headline move: growing confidence that the U.S. Federal Reserve will cut interest rates again in December, a rebound in gold and oil prices, and fresh corporate news affecting major Canadian names.

Market Snapshot: TSX After the Open and Into the Close

Shortly after the open on Monday, buyers flooded into Canadian equities. By just after midday (around 12:25 p.m. ET), the S&P/TSX Composite was up roughly 313 points, or about 1.0%, trading near 30,474 as gains in technology and materials shares set the tone for the session. ^[2]

Momentum only strengthened into the afternoon. By the closing bell:

S&P/TSX Composite Index: up 443.7 points, or about 1.5%, to 30,604.35, a 12‑day high and just shy of its record closing level. ^[3]
S&P/TSX 60 Index: up roughly 1.1% to around 1,802, reflecting broad gains across the market’s largest blue‑chip names. ^[4]

Market breadth was decisively positive. On the TSX, advancing stocks outnumbered decliners by more than two‑to‑one — roughly 658 gainers vs. 276 decliners, with 50 issues unchanged — underscoring just how broad Monday’s rally was. ^[5]

Volatility also eased: the S&P/TSX 60 VIX, a gauge of implied volatility on Canadian large‑cap stocks, dropped around 15% to the mid‑teens, reflecting greater investor confidence. ^[6]

Tech and Materials Lead the Charge

Technology: Celestica and Shopify in Focus

The Information Technology sector was the star of the show. By midday, the TSX’s tech index was already up more than 4.5%, and it finished the day roughly 5.5% higher, by far the best‑performing sector on the exchange. ^[7]

Key movers included:

Celestica (TSX: CLS) – The electronics and hardware platform company soared nearly 15%, closing around C$454, making it the single best performer on the S&P/TSX Composite for the day. ^[8]
Bitfarms – The crypto‑mining stock jumped more than 10% as risk appetite spilled over into crypto‑linked names. ^[9]
Shopify – The e‑commerce giant gained roughly 4–5%, contributing meaningfully to the sector’s overall strength. ^[10]
Other notable tech winners included Sylogist, Firan Technology Group, Blackline Safety, BlackBerry, Tecsys, Quarterhill, and CGI, all posting solid to strong gains. ^[11]

The tech rally was fueled not just by company‑specific news but by macro optimism: investors are increasingly betting that the U.S. Federal Reserve will trim rates again in December, a move that tends to support growth and tech stocks whose valuations are sensitive to borrowing costs. ^[12]

Materials: Gold Miners Shine as Bullion Rallies

The materials group, which includes metal and gold miners, was the other big winner, climbing about 5.1% on the session as gold prices advanced more than 1%. ^[13]

Standout names in the materials space:

Barrick (TSX: ABX) – The gold major jumped roughly 8–9%, hitting a new record closing high. The move followed news that Barrick had reached an agreement with Mali’s government to resolve a long‑running dispute over the Loulo‑Gounkoto gold mining complex, removing a major overhang on the stock. ^[14]
Aris Mining – Shares surged just over 10%, reaching new five‑year highs. ^[15]
Fortuna Mining and Orla Mining – Both climbed about 9–10%, riding the tailwind from stronger precious metals prices. ^[16]
A longer list of gold‑focused names — including IAMGOLD, G Mining Ventures, B2Gold, Capstone, Lundin Gold, New Gold and others — posted gains in the 5–7% range. ^[17]

With gold futures up more than 1% and crude oil also higher on the day, the TSX’s commodity‑heavy profile turned from a drag earlier this month into a clear advantage. ^[18]

Other Key Sectors: Financials Steady, Energy Firmer, Staples Lag

While tech and miners grabbed the headlines, other core Canadian sectors also participated:

Financials: The heavily weighted financial sector added about 0.5%, contributing more modestly to the broader index but offering important support to the rally. ^[19]
Energy: Energy shares gained around 0.2%, helped by crude oil prices that settled more than 1% higher near the high‑$50s per barrel, as traders reassessed how geopolitical developments could influence Russian exports. ^[20]
Healthcare also advanced, joining IT and materials as one of the better‑performing groups by the close. ^[21]
Consumer staples were one of the few weak spots, falling around 1.6% as investors rotated into higher‑beta areas of the market. ^[22]

Among individual laggards on the day:

Canadian National Railway (CNR) slid about 2.3%.
Maple Leaf Foods fell just over 2%.
Telus declined a bit more than 2%, slipping to new five‑year lows — a notable contrast to the strength seen in many resource and tech names. ^[23]

Macro Drivers: Rate‑Cut Bets, U.S. Data and Canadian Manufacturing

Monday’s moves on the TSX can’t be separated from the global macro backdrop.

Fed Rate‑Cut Optimism

Markets are increasingly pricing in another U.S. Federal Reserve rate cut in December, after recent comments from New York Fed President John Williams, who suggested there may be room for a “further adjustment” in the near term. ^[24]

That rhetoric, combined with mixed but not alarming U.S. jobs data and Fed minutes showing internal debate over the pace of easing, has helped revive risk appetite after a volatile stretch driven by worries about stretched AI‑related valuations. ^[25]

With Wall Street indices also rallying strongly on Monday — the Nasdaq and S&P 500 both posted solid gains — Canadian stocks benefited from the usual positive correlation with U.S. markets. ^[26]

Canadian Data: Manufacturing Sales Flash a Decline

On the domestic side, investors digested fresh data from Statistics Canada:

An advance estimate showed manufacturing sales likely fell about 1.1% in October, following a 3.3% jump in September, with the largest pullbacks in chemicals and wood products. ^[27]

While softer manufacturing figures can be a headwind for growth expectations, Monday’s equity market reaction suggests investors are more focused, for now, on the prospect of easier monetary policy and a constructive global risk mood.

Looking ahead, markets are also watching for third‑quarter Canadian GDP, due later in the week, which could further shape expectations for the Bank of Canada’s next steps. ^[28]

Commodities, Currency and Cross‑Asset Signals

The commodity and currency backdrop added more fuel to the TSX’s advance:

Gold gained more than 1% on the day, reflecting safe‑haven demand and support from lower yields and rate‑cut expectations. ^[29]
Crude oil prices rose roughly 1–2%, with WTI near the high‑$50s and Brent just above $62 per barrel in late trading, helping Canadian energy producers. ^[30]
The Canadian dollar was little changed around 0.71 per U.S. dollar, showing that Monday’s risk‑on equity move wasn’t accompanied by a major FX swing. ^[31]

These cross‑asset moves reinforce the picture of a market cautiously rotating back into risk assets — particularly those levered to global growth and commodities.

Index & Corporate News: Gildan–Hanesbrands Deal Triggers TSX Index Changes

Beyond price action, a major structural story for Canadian index investors hit the tape on November 24:

S&P Dow Jones Indices announced changes to the S&P/TSX 60 and S&P/TSX Composite Index following shareholder approval of a Plan of Arrangement between Gildan Activewear (TSX: GIL) and Hanesbrands (NYSE: HBI). ^[32]

Key points:

Hanesbrands shareholders will receive US$0.80 in cash plus 0.102 shares of Gildan for each HBI share they hold. ^[33]
Gildan’s shares outstanding in the S&P/TSX indices will rise to 185,338,948, effective before the open on December 2, 2025, while its index float factor (IWF) stays at 1.0. ^[34]

For passive investors and ETF managers tracking these Canadian benchmarks, the Gildan–Hanesbrands combination will slightly increase Gildan’s weight in both the S&P/TSX 60 and the broader Composite, potentially prompting portfolio rebalancing and incremental demand for the stock around the effective date.

Market Breadth Beyond the Main Board

While most attention stays on the main TSX board and the flagship indices, activity was also healthy across other Canadian trading venues:

On TSX Alpha Exchange, November 24’s summary showed over 58 million shares traded, with more than 1,500 advancers vs. about 600 decliners, indicating strong breadth even on this alternative marketplace. ^[35]

This broad participation hints that the rally wasn’t confined to a handful of mega‑caps; smaller and mid‑cap Canadian names also found buyers.

ESG Angle: Canada Climate Week Xchange Opens the Market

In a symbolic nod to sustainability and climate‑related investing, Monday’s TSX market open ceremony was dedicated to the launch of Canada Climate Week Xchange (CCWX) 2025.

The exchange hosted special guests to mark the start of this climate‑focused initiative, which brings together organizations including the Canada Climate Law Initiative, CPA Canada, First Nations Financial Management Board, GLOBE, and the Responsible Investment Association to foster collaboration around Canada’s climate challenges and opportunities through 2030. ^[36]

For investors increasingly focused on ESG themes, events like CCWX highlight how climate policy, disclosure standards and sustainable finance are becoming part of the mainstream conversation on Bay Street.

What Investors Should Watch Next

Heading into the rest of the week, here are the key themes to monitor after Monday’s strong open‑and‑through‑the‑day rally on the Canadian stock market:

Fed & BoC rate expectations
Any fresh comments from U.S. or Canadian central bankers could quickly shift the narrative around rate‑cut timing, especially with markets now heavily leaning toward a December Fed cut.
Canadian GDP and further economic data
Third‑quarter GDP and subsequent data will show whether Canada’s economy is slowing in line with expectations or holding up more strongly — both of which could influence the Bank of Canada’s path. ^[37]
Commodity prices and the Barrick–Mali settlement
Gold and oil remain crucial for the TSX. Any follow‑through in Barrick’s share price after resolving its dispute with Mali, and further clarity on the settlement details, could continue to sway the materials sector. ^[38]
Gildan index changes and possible flows
As the December 2 effective date for Gildan’s share count adjustment approaches in the S&P/TSX indices, index‑tracking funds may adjust their positions, potentially creating additional volume in GIL. ^[39]

Bottom Line

After the market open on November 24, 2025, Canadian stocks put in a standout performance: the S&P/TSX Compositeleapt to near‑record territory, driven by powerful rallies in technology and gold miners, supported by rising rate‑cut hopes, firmer commodity prices and generally positive global risk sentiment. ^[40]

For traders and long‑term investors alike, Monday’s action was a reminder of how quickly sentiment can shift on the TSX when macro conditions, commodities and key corporate headlines all line up in the same direction.

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