Canada Stock Market Today, December 9, 2025: TSX Climbs as Gold Stocks Rally Ahead of Fed and Bank of Canada Decisions

Toronto’s S&P/TSX Composite Index finished higher on Tuesday, December 9, 2025, as gold miners, utilities and heavyweight financials led gains while investors braced for back‑to‑back interest‑rate decisions from the U.S. Federal Reserve and the Bank of Canada on Wednesday.

According to daily data from Investing.com, the S&P/TSX Composite Index closed at 31,328.16, up around 158 pointsfrom Monday’s close of 31,169.97 — a gain of roughly 0.5% on the day. The benchmark traded between 31,160.89 and 31,340.32 after opening at 31,164.86, with volume just over 37 million shares. ^[1]

The index is now hovering just below its recent record high near 31,541, set last week, and has rallied more than 26% year‑to‑date, outpacing major U.S. indices in 2025 on the back of strong moves in commodity producers and the big Canadian banks. ^[2]

Key takeaways for Canada’s stock market on December 9, 2025

TSX up ~0.5% to 31,328.16, recovering from Monday’s dip and staying close to all‑time highs. ^[3]
Gold miners and utilities led gains, with the gold‑mining index up about 1.4%, and TransAlta jumping around 7% on a new tolling deal. ^[4]
Financials and tech helped, including Brookfield and Manulife (each up more than 1%), and Shopify rising about 1.5%. ^[5]
Markets are positioning for a 25 bp Fed rate cut and a Bank of Canada hold at 2.25% on Wednesday. ^[6]
New index and capital‑markets developments — including 5N Plus joining the TSX Composite and TSXV data going on‑chain via Chainlink — underline how Canada’s equity markets are evolving. ^[7]
Corporate news from Evertz Technologies, Vizsla Silver and others added stock‑specific catalysts. ^[8]

TSX today: index performance and key levels

From a technical and macro lens, Tuesday’s session was about consolidation near highs rather than a dramatic breakout.

Close: 31,328.16
Previous close (Mon, Dec 8): 31,169.97
Point change: +158.19
Percent change: about +0.51%
Intraday range: 31,160.89 – 31,340.32
Volume: ~37.0M shares
52‑week range: 22,227.74 – 31,541.73 ^[9]

By late morning, Reuters reported that the index was up about 0.5% around 31,330, driven largely by strength in gold miners and solid moves across all major sub‑indices. ^[10]

Futures trading earlier in the day pointed to exactly this sort of cautious drift higher: TSX futures were described as “little changed” pre‑market, supported by firm precious‑metal prices while traders waited for the outcome of the Fed’s two‑day meeting. ^[11]

Sector moves: gold, utilities, banks and tech in focus

Gold miners shine as rate‑cut bets support bullion

Gold‑related names were the standout winners on the TSX:

The gold‑mining sub‑index gained around 1.4%. ^[12]
Individual movers included Perpetua Resources, Harmony Gold and Orla Mining, with gains ranging from roughly 1.5% to nearly 4%. ^[13]

These advances came as gold prices ticked higher, with traders positioning for a widely expected Fed rate cut, which typically lowers the opportunity cost of holding non‑yielding assets like bullion. ^[14]

For Canada’s resource‑heavy benchmark, this matters a lot: gold and broader materials names remain core drivers of the TSX’s 2025 outperformance relative to U.S. indices. ^[15]

Utilities pop on TransAlta surge

The utilities sector also had a strong session, rising about 0.8%:

TransAlta leapt roughly 7% after signing a long‑term tolling agreement with Puget Sound Energy, a deal that improves revenue visibility and underlines demand for reliable power generation. ^[16]

For income‑oriented investors, the move highlights why regulated or contracted utilities often see renewed interest when interest‑rate risk appears to be stabilizing.

Financials and Shopify add breadth to the rally

Financials — historically the other major pillar of the Canadian market — also traded higher:

Brookfield Corporation gained about 1% after announcing the pricing of C$1 billion in medium‑term notes, a sign of continued access to capital at reasonable terms. ^[17]
Manulife and other large lenders saw gains of more than 1%, helped by a steeper yield curve and the prospect of a gentler rate path ahead. ^[18]

On the tech side:

Shopify outperformed within the technology cohort, adding roughly 1.5%, continuing its recovery as investors rotate back into growth names amid expectations that central banks are near the end of their easing cycles. ^[19]

Space and infrastructure stories

Beyond the big sectors, MDA Space was another notable mover, jumping around 4.7% after unveiling a strategic partnership with the Canadian government and Telesat, underscoring how space and satellite infrastructure are becoming meaningful themes on the TSX. ^[20]

Central banks in the spotlight: Fed expected to cut, BoC likely to hold

Federal Reserve: a third rate cut and potential balance‑sheet twist

The Federal Open Market Committee (FOMC) concludes its meeting on December 10–10, and markets largely expect another 0.25 percentage‑point cut, taking the fed funds range from 3.75%–4.00% down to 3.50%–3.75%. ^[21]

Fed funds futures suggest the odds of that cut are close to 90%. ^[22]

Beyond the rate move itself, strategists at Bank of America have highlighted the possibility of a “reserve management” T‑bill buying program — roughly US$45 billion per month in short‑term Treasury purchases, plus reinvestments of maturing mortgage‑backed securities — as a way for the Fed to maintain ample liquidity in the banking system without calling it full‑blown quantitative easing. ^[23]

For Canadian equities, a dovish‑leaning Fed with a controlled balance‑sheet expansion is generally supportive:

It tends to weaken the U.S. dollar at the margin, which can benefit commodity prices.
It may anchor long‑term yields, supporting rate‑sensitive sectors like utilities, REITs and dividend ETFs.

Bank of Canada: expected to hold at 2.25% after aggressive cutting cycle

At home, the Bank of Canada (BoC) will announce its latest overnight rate decision at 09:45 a.m. ET on Wednesday, December 10. ^[24]

Key points from recent data and polling:

The policy rate currently stands at 2.25% after a total of 275 basis points of cuts this year — one of the more aggressive easing cycles among G10 central banks. ^[25]
A Reuters poll of 33 economists taken December 2–5 showed unanimous expectations that the BoC will hold rates steady at 2.25%, with a majority forecasting no further cuts until at least 2027. ^[26]
A range of economists interviewed by Canadian outlets similarly expect the BoC to stay on the sidelines, though they acknowledge a non‑zero risk of an additional cut if data were to soften unexpectedly. ^[27]

From the Bank’s October 2025 Monetary Policy Report, the central bank projects that:

Real GDP growth will pick up from around 0.75% in the second half of 2025 to an average of 1.4% in 2026–2027.
Headline inflation is expected to hover near the 2% target, with underlying measures around 2.5%. ^[28]

For the TSX, a BoC on pause combined with a Fed still trimming rates creates a backdrop of:

Stable borrowing costs for corporates and households.
A potentially supportive environment for financials and dividend payers, which benefit from a predictable rate path.
Continued tailwinds for energy and materials, especially if a weaker U.S. dollar and modest global growth keep commodity demand resilient.

Analyst and market commentary: “Banks and resources still in the driver’s seat”

Veteran market participants continue to frame 2025’s spectacular Canadian rally in familiar terms.

Thomas Caldwell, chairman at Caldwell Securities, told Reuters that resources and Canada’s large domestic banksremain the dominant forces in the TSX, and he expects them to keep driving returns into year‑end. ^[29]

At the same time, equity commentators at Motley Fool Canada note that with the index hovering close to record highs, TSX stocks could trade in a range until investors have more clarity on U.S. labour data and the central‑bank outlook, even as select opportunities emerge in individual names and sectors. ^[30]

From a capital‑markets perspective, TMX Group’s latest financing statistics for November 2025 reinforce the notion that risk appetite is alive and well:

On the TSX, November equity financings totaled about C$4.25 billion, down modestly from October but up more than 400% year‑over‑year.
Year‑to‑date, TSX equity financings have reached roughly C$20.3 billion, up 35% from 2024, with 291 new issuers listed (more than double last year), and listed‑issue market cap at around C$6.2 trillion, up 22.5% versus 2024. ^[31]
On the TSX Venture Exchange (TSXV), November financings climbed to about C$1.83 billion, up 48% month‑over‑month and more than tripling the November 2024 level. Year‑to‑date financings are more than double last year, with TSXV’s aggregate market cap up over 50% year‑on‑year. ^[32]

Taken together, these numbers paint a picture of a vibrant primary market where both large‑cap and early‑stage issuers are tapping investors for growth capital.

Corporate news moving Canadian stocks today

While macro and central‑bank expectations set the tone, several stock‑specific headlines helped shape trading on December 9.

5N Plus joins the S&P/TSX Composite Index

5N Plus Inc. (TSX: VNP), a Montréal‑based producer of specialty semiconductors and performance materials, announced that it will be added to the S&P/TSX Composite Index effective before the open on Monday, December 22, 2025. ^[33]

The company, which already entered the MSCI Canada Small Cap Index earlier this year, said the inclusion in Canada’s flagship equity benchmark should:

Increase visibility among global institutional investors.
Potentially boost liquidity, as more index funds and ETFs tracking the Composite are required to hold the shares. ^[34]

Index additions like this can create short‑term demand for the stock and often signal that a company has reached a certain scale and trading profile.

TSXV data goes on‑chain via Chainlink

In an important infrastructure move for Canada’s junior market, TMX Datalinx, the data arm of TMX Group, and Chainlink announced that real‑time TSX Venture Exchange market data is now available across more than 40 blockchains via Chainlink’s DataLink service. ^[35]

Key implications:

Over 2,400 DeFi protocols in the Chainlink ecosystem can now access regulated TSXV data on‑chain, potentially enabling new tokenized products, structured strategies and cross‑border financing models. ^[36]
The collaboration is framed as a bridge between traditional Canadian capital markets and “onchain finance”, which could support liquidity and visibility for early‑stage TSXV issuers over time. ^[37]

Evertz Technologies launches a new share‑buyback program

Evertz Technologies Limited (TSX: ET) received TSX approval for a Normal Course Issuer Bid (NCIB) allowing it to repurchase up to 3,774,227 common shares, roughly 5% of its 75.5 million shares outstanding, between December 11, 2025 and December 10, 2026. ^[38]

Under the NCIB:

Daily purchases are generally capped at around 5,615 shares, about 25% of average daily volume.
All repurchased shares will be cancelled, which is typically shareholder‑friendly as it can boost earnings per share and signal management’s confidence in valuation.
The company is also implementing an automatic securities purchase plan to facilitate buybacks during blackout periods. ^[39]

Evertz repurchased about 534,000 shares at an average price of $11.42 under its previous NCIB, highlighting a consistent buyback strategy. ^[40]

Vizsla Silver files feasibility study on Panuco project

In the mining space, Vizsla Silver Corp. (TSX & NYSE: VZLA) said it has filed a feasibility‑study technical report for its Panuco project, according to a Vancouver‑datelined news release. ^[41]

Though detailed numbers are behind a paywall in some outlets, feasibility filings are major milestones that can:

De‑risk a project by clarifying expected economics.
Serve as a catalyst for financing discussions or strategic partnerships.

Other income and dividend themes

Yield‑focused investors continued to watch dividend‑heavy products and REITs:

The iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) sports a forward yield around 4.26%as of December 9, with an average three‑year dividend growth rate of about 13%, underscoring the TSX’s role as a dividend market. ^[42]

Analyst pieces published today also highlighted individual high‑yield stocks and REITs that could benefit from a prolonged low‑rate environment, reinforcing income‑oriented themes on the TSX. ^[43]

Medium‑term outlook for Canadian stocks

Looking beyond today’s tape, several trends are likely to shape the Canada stock market into 2026:

Stable but low policy rates
- Mortgage and macro forecasts from Canadian lenders suggest the BoC’s 2.25% policy rate could hold through 2026, with some projections showing only modest hikes starting in 2027, toward 2.5–2.75%. ^[44]
- A long plateau at relatively low real rates tends to favour equity risk over cash, especially for dividend and infrastructure plays.
Resource and bank leadership
- With the TSX still heavily weighted toward energy, materials and financials, most strategists expect these sectors to remain central to performance, particularly if global growth stabilizes and commodity demand holds. ^[45]
Healthy primary markets and innovation
- Robust equity financing on both TSX and TSXV suggests that public markets remain a key funding channel for Canadian issuers, while moves like on‑chain TSXV data indicate ongoing market‑structure innovation. ^[46]
Risks to watch
- A slower‑than‑expected global economy, renewed inflation pressures, or a more hawkish turn by the Fed or BoC could all pressure valuations.
- For Canada in particular, commodity price volatility and housing‑market dynamics remain important macro swing factors.

What today’s TSX action means for investors

For investors tracking “Canada stock market today” on December 9, 2025, the message is less about dramatic change and more about confirmation:

The TSX remains near record territory, with gold miners, utilities and big banks still doing much of the heavy lifting.
Central‑bank expectations — a Fed that is easing carefully and a BoC that appears to have finished cutting — are, for now, supportive rather than threatening.
Capital‑markets activity and index reshuffles (like 5N Plus joining the Composite) underline that Canada’s exchanges are still attracting listings, financings and innovation.

For individual investors, that typically argues for:

Staying diversified across sectors — particularly financials, high‑quality resource names, and reliable dividend payers.
Being mindful that range‑bound trading near highs can persist until the market digests this week’s central‑bank decisions and fresh data.
Focusing on fundamentals and balance‑sheet strength in a market where stock‑specific news (NCIBs, feasibility studies, index inclusions) continues to drive dispersion.

As always, any investing decision should be based on your own objectives, risk tolerance and time horizon; today’s TSX backdrop is supportive, but not risk‑free.