The S&P/TSX Composite pushed above the 30,800 mark on November 25, 2025, extending a powerful three‑day rally as consumer, mining and rail stocks climb while energy lags.
Market overview: TSX extends rally and breaks into new territory
Canada’s stock market is in full-on rally mode today. By early afternoon on Tuesday, November 25, 2025, the S&P/TSX Composite Index was trading above the 30,800 level, up roughly 0.7–0.8% on the day and marking a fresh intraday record high above 30,850. [1]
That move builds on Monday’s powerful surge, when the benchmark jumped about 444 points, or 1.5%, to close at 30,604.35 — its highest finish since November 12 and one of the strongest one-day gains in recent weeks. [2]
For context, earlier this year the TSX’s record levels sat just below 30,100, with an all‑time closing high around 29,959 and intraday peak near 30,066 in late September. [3] Today’s trade above 30,800 decisively clears those marks, underlining how strong the latest leg of the Canadian equity rally has been.
The large‑cap S&P/TSX 60 index is also participating, up about 0.7% around 1,815 points, reflecting broad gains across blue‑chip names. [4]
While the Toronto Stock Exchange is still open as of publication, the tone so far is clearly risk‑on, with only a few pockets of weakness.
Why Canadian stocks are rallying: Fed hopes and a friendlier rate backdrop
The key fuel for today’s move is the same force that lit up Wall Street on Monday: growing expectations that the U.S. Federal Reserve could deliver its first interest‑rate cut in December. Futures markets now price a high probability of a cut, and several Fed officials have recently sounded more open to easing as inflation cools. [5]
Those hopes helped push the TSX up 1.5% on Monday, with technology and materials stocks surging, and they’re still supporting sentiment today as traders position for a potentially more accommodative Fed path. [6]
At home, the interest‑rate backdrop has also shifted. The Bank of Canada cut its policy rate to 2.25% at the October 29 decision, citing easing global financial conditions and inflation that has drifted back toward its 2% target. [7] A recent preview from RBC Economics suggests Canada’s economy likely returned to modest growth in the third quarter — an estimated 0.5% annualized after a 1.6% contraction in Q2 — reinforcing the “soft landing” narrative that equity investors love. [8]
Put simply: with rate‑cut hopes abroad, lower rates at home, and signs the Canadian economy is stabilizing rather than sliding into a deep slowdown, the macro backdrop is lining up in favour of Canadian stocks.
Sector snapshot: consumer stocks and Couche‑Tard in the spotlight
Consumer‑oriented stocks are the clear leaders on the TSX today. Early in the session, all but a few of the 12 major TSX sub‑groups were in positive territory, with consumer staples and consumer discretionary shares topping the leaderboard. One intraday snapshot showed staples up around 2.3% and discretionary names up roughly 1.5%. [9] By early afternoon, that momentum had only strengthened, with indications that staples were ahead by roughly 2.7% and discretionary stocks about 2% higher.
At the heart of that move is Alimentation Couche‑Tard (ATD), the convenience‑store operator behind the Circle K banner:
- The company reported results for its fiscal Q2 2026, posting earnings per share of about CA$1.10, beating analyst expectations by roughly CA$0.05.
- Revenue grew around 3.6% year‑over‑year to more than CA$25 billion, driven by higher merchandise volumes and fuel margins. [10]
- The board approved a 10.3% increase in the quarterly dividend, to CA$0.215 per share, at a meeting held on November 24. [11]
Investors rewarded the beat and the dividend hike: Couche‑Tard’s shares jumped roughly 4.5–5.5% intraday, trading in the mid‑CA$70s and ranking among the top individual contributors to the index today. [12]
Management emphasized growing strength in foodservice and value meal promotions, especially in North America, as a pillar for future growth — another factor supporting sentiment in consumer names. [13]
Industrials, rails and miners help power the record high
Beyond the consumer trade, today’s TSX rally is notably broad‑based, which is often a healthy sign for a bull move.
- A mid‑session report from MT Newswires described the index as “at a record high with industrials and miners the best performers,” even as the energy sector lagged. [14]
- A separate market wrap highlighted strength in railroads and financials, with Canadian Pacific Kansas City, Canadian National Railway, Bank of Nova Scotia and Manulife Financial all trading higher. [15]
- In real estate, names such as NorthWest Healthcare Properties, H&R Real Estate, Choice Properties, Primaris, SmartCentres REIT and Dream were reportedly up about 1–2%, reflecting renewed appetite for income‑oriented plays as rate‑cut hopes build. [16]
Mining and materials stocks are again a bright spot after gold‑linked names helped power Monday’s surge. Reuters noted yesterday that materials rose more than 5% as gold prices rallied, with Barrick Mining climbing to a record high. [17] That leadership is continuing in pockets of the market today.
Data from an intraday TSX gainers list shows several precious‑metals and resource stocks among the top percentage movers this afternoon:
- AbraSilver Resource (ABRA) up over 13%
- Interfor (IFP) up nearly 10%
- Northern Dynasty Minerals (NDM), Black Iron (BKI), Orezone Gold (ORE), First Mining Gold (FF) and NovaGold (NG) all showing gains between roughly 5% and 10% [18]
This combination of large‑cap rails and banks with smaller miners and forestry names gives the rally a broad “participation footprint” rather than relying on a single hot theme like technology.
Energy sector lags as oil and the loonie slip
The main weak spot on the TSX board today is energy, which is under pressure as oil prices remain choppy and traders reassess the global demand outlook.
A Reuters intraday update described Canada’s main index as edging higher in choppy trading, with gains in consumer‑linked shares offset by losses in energy producers. [19]
On the currency front, the Canadian dollar is softer, which adds a wrinkle to the story. The USD/CAD pair is hovering near 1.41 as of Tuesday amid a combination of Fed rate‑cut speculation and softer crude prices. [20]
Oil remains Canada’s largest export, so lower prices can weigh on the loonie. A recent macro update noted that Canadian inflation has eased back to the Bank of Canada’s 2% target even as oil has struggled, helping to justify October’s rate cut but also highlighting the trade‑sensitive nature of the currency. [21]
For equity investors, weaker energy stocks can partly offset gains in financials and consumer names — but today, the balance is still clearly tilted toward the bulls.
IPO pipeline, small caps and stock‑specific movers
Beyond the headline index, there is a steady flow of corporate and small‑cap news shaping sentiment across the Canadian market today.
TMX Group talks up a stronger IPO market
TMX Group, the parent of the Toronto Stock Exchange, said it expects a stronger initial public offering (IPO) market heading into 2026, pointing to a growing pipeline of prospective listings. [22]
- The recent CA$704 million IPO of Rockpoint Gas Storage has been cited as a sign that investor appetite is returning.
- TMX is expanding its U.S. footprint via its AlphaX US platform and a new New York office, and is exploring a new fixed‑income alternative trading system.
- More than half of TMX’s revenue already comes from outside Canada, highlighting how global the Canadian capital‑markets business has become. [23]
For Canadian equities, a healthier IPO environment typically means more sector choice and can be an important signal of investor confidence.
Resource juniors and TSX‑V names stay active
On the TSX Venture Exchange and resource‑heavy small‑cap space, there are several notable news items dated November 25:
- VanadiumCorp Resource (TSX‑V: VRB) received conditional approval and closed the first tranche of a flow‑through financing, aimed at advancing its vanadium projects in British Columbia. [24]
- Spartan Metals (TSX‑V: W) announced it has more than doubled its tungsten‑silver‑rubidium claims at its Eagle project in Nevada and began trading on the Frankfurt Stock Exchange, underscoring ongoing international interest in Canadian junior miners. [25]
- OceanaGold (TSX: OGC) reported high‑grade drill results at its Wharekirauponga project in New Zealand and said it received a draft decision and conditions toward approving the Waihi North project — news that supports the longer‑term growth story for the mid‑tier gold producer. [26]
Elsewhere, Lightspeed Commerce (TSX: LSPD) is drawing attention after a report highlighted its role in driving the TSX SmallCap Index higher today, as investors revisit high‑growth software‑as‑a‑service names following the tech rebound. [27]
Even outside daily movers, analysts are using the current strength to revisit valuation stories such as Methanex (TSX: MX), with fresh research questioning whether the methanol producer’s recent share‑price swings have left it potentially undervalued. [28]
How Canadian stocks stack up globally in 2025
Today’s action fits into a bigger 2025 narrative in which Canadian equities have quietly been among the world’s standout performers.
A Barron’s feature published today noted that Mexican and Canadian stock markets are “through the roof” this year despite lingering trade friction and political noise, with investors rewarding both countries for relatively stable macro conditions and attractive valuations compared with U.S. peers. [29]
Data from MT Newswires shows the TSX up about 24–25% year‑to‑date, helped by its heavy weighting in financials, industrials and resource companies that tend to benefit from global reflation and infrastructure trends. [30]
That outperformance is particularly striking given that, not long ago, the TSX was lagging more tech‑heavy markets. The recent breakout above 30,800 underscores how dramatically sentiment has shifted.
What this means for investors and what to watch next
For investors tracking Canada’s stock market today, a few key themes emerge:
- The trend is up, but volatility remains a risk. The TSX suffered its biggest drop in seven months as recently as mid‑November, when profit‑taking knocked the index nearly 2% lower in a single session after a record close. [31]
- Leadership has broadened. Today’s gains aren’t limited to a handful of tech giants; consumer staples, discretionary names, industrials, rails, miners, banks and select REITs are all participating. [32]
- The loonie’s slide reshuffles winners and losers. A weaker Canadian dollar tends to help exporters and companies earning U.S. dollars while squeezing import‑heavy businesses and consumers. A recent analysis pointed out that exporters, resource producers and global franchises typically benefit when the loonie falls, while retailers and households face higher costs. [33]
Looking ahead to the rest of the week, markets will be watching:
- Incoming Canadian data, including Q3 GDP numbers, for confirmation that growth has stabilized at a modest pace. [34]
- Fresh U.S. economic releases and Fed speeches that could firm or challenge December rate‑cut expectations. [35]
- The Bank of Canada’s next communications, as policymakers weigh how far and how fast to continue cutting after October’s move. [36]
If the bullish setup of easing inflation, falling policy rates and resilient growth holds, Canada’s stock market could remain a beneficiary — though, as always, sharp corrections are possible after such a strong run.
This article is for information purposes only and does not constitute investment advice. Market levels and performance figures are intraday and may change by the close of trading on November 25, 2025.
References
1. www.marketscreener.com, 2. www.investing.com, 3. en.wikipedia.org, 4. www.morningstar.com, 5. www.tradingview.com, 6. www.investing.com, 7. www.bankofcanada.ca, 8. www.rbc.com, 9. ca.finance.yahoo.com, 10. seekingalpha.com, 11. www.prnewswire.com, 12. www.marketwatch.com, 13. massmarketretailers.com, 14. www.marketscreener.com, 15. www.rttnews.com, 16. www.rttnews.com, 17. www.reuters.com, 18. www.investcom.com, 19. www.tradingview.com, 20. www.fxstreet.com, 21. investmacro.com, 22. www.reuters.com, 23. www.reuters.com, 24. investingnews.com, 25. investornews.com, 26. www.juniorminingnetwork.com, 27. kalkinemedia.com, 28. simplywall.st, 29. www.barrons.com, 30. www.marketscreener.com, 31. www.reuters.com, 32. www.morningstar.com, 33. www.fool.ca, 34. www.rbc.com, 35. www.tradingview.com, 36. www.bankofcanada.ca
