Canada’s stock market inched to yet another all‑time high on Thursday, November 27, 2025, as the S&P/TSX Composite index ground higher in thin U.S. Thanksgiving trading. Gains in energy, technology and telecom names were just enough to offset pressure from mining and financial stocks, extending a powerful late‑year rally that has pushed Canadian equities more than 20% higher in 2025 so far. [1]
Note: This report is based on data and published news available as of the close of trading on November 27, 2025. It’s a curated summary, not an exhaustive list of every TSX announcement.
Canada Stock Market Snapshot – November 27, 2025
Index level and performance
- S&P/TSX Composite close: 31,203.55
- Change: +23.30 points (about +0.07%)
- Intraday range: High 31,209.15, low 31,158.82
- Approximate volume: 21.5 million, sharply lower than Wednesday’s ~235 million, reflecting holiday‑thinned activity. [2]
Thursday’s close edges above Wednesday’s record of 31,180.25, marking another all‑time high for the benchmark index and capping a roughly 4%+ gain over the past week and mid‑20s percent advance year‑to‑date – on track for the TSX’s strongest calendar‑year performance since 2009. [3]
Thin U.S. Holiday Trade After a Powerful TSX Run
The mood on Bay Street was noticeably calmer than in recent sessions:
- Futures were muted before the open as investors paused after a string of record closes earlier in the week. December futures on the S&P/TSX slipped about 0.1% in early morning trade. [4]
- At the opening bell, Toronto’s main index was essentially flat around 31,178, with broader gains offset by early weakness in mining shares. [5]
- By late morning, the S&P/TSX Composite was up about 25 points at 31,205.55, supported by tech, telecom and energy, while U.S. stock markets remained closed for the Thanksgiving holiday. [6]
The combination of:
- a four‑day rally into record territory,
- a full U.S. market holiday, and
- expectations of a shortened U.S. trading session on Friday
left many institutional desks in “wait‑and‑see” mode, with the TSX drifting rather than surging. [7]
Sector Breakdown: Energy and Tech Cushion Miner Weakness
Intraday sector moves told a more nuanced story than the small headline gain might suggest.
Materials & miners – under pressure
- The materials sector, which houses Canada’s major gold and base‑metal miners, fell around 0.5% earlier in the session, tracking a pullback in gold and copper prices after their recent run‑up. [8]
- Mid‑day quotes showed February gold futures down roughly US$14–15 an ounce, while copper also eased, weighing on senior and mid‑tier miners. [9]
Financials – modestly softer
- Heavyweight financial stocks slipped about 0.1%, as investors took some profit after strong gains in Canadian bank shares over recent weeks and digested fresh analyst commentary on valuations. [10]
Energy – supported by oil and policy headlines
- Energy companies rose roughly 0.3% as oil prices ticked higher, with January WTI crude trading just under US$59 per barrel in holiday‑thinned commodity markets. [11]
- The sector also drew attention from a major pipeline and energy policy deal between Ottawa and Alberta (more on that below), which investors see as potentially constructive for long‑term midstream and oil sands investment. [12]
Technology & telecom – quiet winners
- Technology and telecom names provided a steady tailwind, helping to keep the index in positive territory during the morning session. [13]
- Strategists note that the latest leg of the broader TSX rally has been less dominated by mega‑cap tech and more evenly spread across materials, energy, financials and selected growth stocks – a sign of improving breadth. [14]
Oil Prices, Pipeline Politics and the TSX Energy Trade
Energy shares traded against a busy policy backdrop that could shape Canada’s resource sector for years.
Carney–Smith pipeline MOU
Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a memorandum of understanding (MOU)on Thursday that:
- grants Alberta targeted exemptions from certain federal environmental rules,
- commits Ottawa to backing a new oil pipeline to the British Columbia coast, and
- lays out emissions and climate conditions that must be met for the project to proceed. [15]
Key details reported by Canadian outlets include:
- the project’s potential capacity of up to 1 million barrels per day for export,
- possible adjustments to the federal oil‑tanker ban off parts of B.C.’s north coast to accommodate new shipments, and
- strong pushback from B.C. officials and coastal Indigenous communities, who warn of spill risks and legal challenges. [16]
For markets, the announcement comes at an awkward moment: WTI crude remains below US$60 a barrel, and several analysts quoted on Thursday argue that even with a friendlier federal stance, low prices could limit the pace of new private‑sector investment in Canada’s oil patch. [17]
Still, the deal reinforces a theme that has been central to Canada’s 2025 equity rally: energy and materials as structural winners of an AI‑driven, resource‑intensive global economy, supported by both market forces and policy. [18]
Macro Backdrop: Narrower Current Account Deficit and Rate‑Cut Hopes
Beyond the daily price action, new data and policy expectations continued to shape the TSX narrative.
Current account improves, but growth still soft
- Fresh figures released Thursday show Canada’s Q3 current account deficit narrowing to about C$9.72 billion, helped by stronger exports. [19]
- While the improved external balance is a mild positive for the Canadian dollar and for sentiment towards export‑oriented sectors, the Bank of Canada still expects the domestic economy to remain weak in the second half of 2025, as higher borrowing costs and softer global demand weigh on growth. [20]
Central banks: from headwind to tailwind
- A Reuters poll published Wednesday found that strategists expect the S&P/TSX Composite to climb nearly 5% to around 32,125 by the end of 2026, after already surging roughly 24% so far this year. The same survey highlighted expectations for further interest‑rate cuts from both the Bank of Canada (policy rate now around 2.25%) and the U.S. Federal Reserve as key supports. [21]
- Market‑based pricing referenced in recent coverage suggests investors continue to see a high probability of a U.S. rate cut in December, reinforcing risk appetite and indirectly supporting commodity prices and resource‑heavy markets like the TSX. [22]
In short, macro conditions remain broadly supportive for Canadian equities: external balances are improving, rates are drifting lower, and global risk sentiment is positive – but valuations are no longer cheap, and analysts warn that returns are likely to moderate in 2026 after this year’s outsized gains. [23]
Notable Movers and Corporate Headlines on Canadian Markets
While the index move was modest, individual names and niches saw more dramatic action.
Resource and small‑cap standouts
Intraday data showed several smaller resource stocks among the top percentage gainers on the TSX:
- Mountain Province Diamonds (TSX: MPVD) jumped more than 30% by early afternoon.
- Junior miners such as Karnalyte Resources, Gunnison Copper and Sherritt International also appeared on lists of the day’s strongest performers, reflecting ongoing speculative interest in early‑stage resource plays. [24]
On the TSX Venture Exchange, volatility was even higher, with Stuve Gold among the session’s most explosive movers, rising several hundred percent according to intraday data. [25]
These thinly traded names have little impact on the composite index, but they underline where risk capital is currently flowing: precious metals, copper and other critical‑mineral stories.
Mining & metals news flow
Thursday also brought a wave of mining‑sector press releases:
- VanadiumCorp Resource (TSX‑V: VRB) announced the creation of Vanadium Énergie Nordique Inc., a wholly owned subsidiary that will lead development of a vanadium pilot plant at the CIMMS facility in Val‑des‑Sources, Québec – an incremental step in Canada’s push into battery materials. [26]
- Junior explorers such as Rackla Metals and Maple Gold Mines released drilling and corporate updates tied to projects in Canada’s north and Quebec, adding to a steady stream of exploration news that tends to be more relevant for specialized investors than for the broader index. [27]
- Allied Gold (TSX/NYSE: AAUC) highlighted significant exploration progress at its Kurmuk mine in Ethiopia, underscoring how many TSX‑listed miners are leveraged to projects far beyond Canada’s borders. [28]
Dividends, financing and capital markets activity
Beyond pure exploration:
- Canadian Utilities (TSX: CU) reported the closing of a preferred share offering, extending its access to long‑term funding at relatively attractive rates. [29]
- Dynacor Group (TSX: DNG) declared its regular monthly dividend, a reminder that dividend‑paying mid‑caps continue to attract income‑oriented investors in a lower‑rate environment. [30]
- Prospera Energy (TSX‑V: PEI) released Q3 2025 financial results and confirmed a conference call for investors, adding to the day’s energy‑sector news flow. [31]
- Structured‑product specialist DelphX Capital Markets (TSX‑V: DELX) announced a private placement and proposed extension of certain warrants, a small but telling sign that risk appetite and capital raising windows remain open further down the market‑cap spectrum. [32]
Finally, preferred‑share and split‑share investors noted that Dividend 15 Split Corp. renewed its at‑the‑market (ATM) equity program, allowing it to issue new shares into the market over time – a tool often used to manage leverage and support distributions. [33]
A Late‑Cycle Rally That’s Broadening Beyond Big Tech
Several recent analyses emphasize that Canada’s 2025 rally looks different from the tech‑heavy booms seen in other markets:
- A feature in Wealth Professional notes that the TSX’s climb to repeated record highs has been broad‑based, pulling in materials, energy, banks and a growing roster of smaller tech and AI‑related names, rather than relying solely on a handful of mega‑cap growth stocks. [34]
- Executives at TMX Group, operator of the Toronto Stock Exchange, told Reuters they see a “deep pipeline” of potential new listings building for 2026, as equity capital markets reopen after several quieter years. [35]
Combined with Thursday’s tiny but symbolic new record close, that backdrop suggests Canada is in the midst of a late‑cycle equity rally powered by:
- Cyclical momentum in commodities and financials,
- Improving breadth across sectors,
- Easier monetary policy, and
- A relatively constructive policy stance toward strategic industries like energy, critical minerals and infrastructure. [36]
What Today’s Move Means for Canadian Investors
For investors following the TSX, November 27’s quiet grind higher carries a few key implications:
- Records with fatigue: The index continues to set marginal new highs, but with smaller daily gains and lighter volume, suggesting a maturing phase of the rally rather than a fresh breakout. [37]
- Sector rotation risk: Materials and financials – two of the TSX’s biggest pillars – lagged on the day, while energy, tech and telecom outperformed. If this becomes a trend, it could reshape leadership within the index heading into 2026. [38]
- Macro tailwinds vs. valuation headwinds: Narrowing external deficits, lower policy rates and supportive commodity prices are clear positives, but after a mid‑20s percentage gain this year, equity valuations leave less room for error. [39]
- Policy and politics matter again: The new Ottawa–Alberta pipeline MOU highlights that regulatory and environmental policy can quickly become market‑moving for specific sectors and regions, even when headline index moves look calm. [40]
For now, Canada’s stock market ends November 27 with another record close, resilient breadth and a supportive macro backdrop – but also with mounting signs that the easy part of the rally may be behind it.
As always, this article is for information only and does not constitute investment advice. Investors should consider their own risk tolerance, time horizon and professional advice before making portfolio decisions.
References
1. ca.investing.com, 2. ca.investing.com, 3. ca.investing.com, 4. www.tradingview.com, 5. www.tradingview.com, 6. halifax.citynews.ca, 7. www.kitco.com, 8. www.kitco.com, 9. halifax.citynews.ca, 10. www.kitco.com, 11. www.kitco.com, 12. ground.news, 13. halifax.citynews.ca, 14. www.wealthprofessional.ca, 15. ground.news, 16. ground.news, 17. www.wealthprofessional.ca, 18. www.reuters.com, 19. www.morningstar.com, 20. www.morningstar.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.investcom.com, 25. ca.finance.yahoo.com, 26. www.mining.com, 27. www.tradingview.com, 28. stockanalysis.com, 29. finance.yahoo.com, 30. finance.yahoo.com, 31. finance.yahoo.com, 32. www.tradingview.com, 33. markets.businessinsider.com, 34. www.wealthprofessional.ca, 35. www.wealthprofessional.ca, 36. www.reuters.com, 37. ca.investing.com, 38. www.kitco.com, 39. www.morningstar.com, 40. ground.news
