Canada Stock Market Today: TSX Hits Record High as GDP Surprise and Gold Rally Fuel 7th Straight Monthly Gain (Nov. 28

Canada’s stock market is heading into the final month of 2025 with serious momentum. As trading wrapped up on Friday, November 28, the S&P/TSX Composite Index closed at a fresh all‑time high, powered by a stronger‑than‑expected GDP report and a powerful rally in precious metals. Markets are closed on Saturday, November 29, but investors are still digesting what was a pivotal day for the Canada stock market.

Below is a full breakdown of the key developments from November 28–29, 2025 that matter for TSX investors right now.

TSX Market Recap: Record Close and 7th Straight Monthly Gain

On Friday, November 28, Canada’s benchmark S&P/TSX Composite Index finished the session at 31,382.78, up 186.07 points or 0.6% on the day. That move pushed the index to a new record closing high, surpassing Thursday’s previous record. ^[1]

Intraday, the index traded between roughly 31,152 and 31,411, according to historical data, with trading volume just over 200 million shares. ^[2]

Key performance stats as of the November 28 close:

Daily performance: +0.6%
Month‑to‑date: about +3.7% in November, marking the seventh consecutive monthly gain, the longest streak since 2021 ^[3]
12‑month performance: roughly +22% total return over the past year ^[4]
52‑week range: from about 22,228 to the new high near 31,411 ^[5]

For investors tracking “TSX today” or “Canada stock market today,” remember that Saturday, November 29, 2025 is a non‑trading day. The latest numbers all reflect Friday’s close.

Precious Metals and Miners Lead the Rally

The star of Friday’s session was the materials sector, particularly precious‑metals miners:

The materials group climbed about 2.1%.
Gold futures gained roughly 1.8%, while silver surged around 6% to a record high, according to a Reuters market wrap. ^[6]

That combination – higher bullion prices and strong risk sentiment – sent Canadian precious‑metals names sharply higher. Reuters highlighted Endeavour Silver and Aya Gold & Silver, which each jumped more than 12% on the day. ^[7]

A portfolio manager quoted in the same report pointed to expectations of future U.S. Federal Reserve rate cuts heading into 2026 as a key driver. Lower real yields typically support non‑yielding assets like gold, so the macro backdrop remains friendly to metals‑heavy segments of the TSX. ^[8]

Energy Stocks Also Contribute

Despite a slightly softer crude price — oil settled around US$58.55, down roughly 0.2% — the energy sector still rose about 1.1%. ^[9]

The combination of:

Recovering global growth expectations,
A still‑tight supply backdrop, and
A risk‑on tone across global equity markets

helped Canadian energy producers extend their strong year‑to‑date performance.

GDP Shock: Q3 Growth Blows Past Expectations

The other big story for the Canada stock market on November 28 was GDP. Statistics Canada reported that the economy grew at a 2.6% annualized pace in the third quarter of 2025, far above the consensus forecast of around 0.5%. ^[10]

Key details from the Q3 GDP release:

Annualized GDP growth: +2.6% in Q3, versus a ‑1.8% contraction in Q2.
Quarter‑over‑quarter (non‑annualized): +0.6% versus a ‑0.5% decline in the prior quarter. ^[11]
September GDP: +0.2% month‑over‑month, in line with expectations. ^[12]
Flash estimate for October: points to a ‑0.3% decline, hinting at a softer start to Q4. ^[13]

What drove the rebound?

Exports outpaced imports, with crude oil shipments a major positive driver.
Government capital spending, including infrastructure and defence‑related investment, helped lift the numbers. ^[14]

At the same time, the report highlighted underlying fragility:

Business investment was essentially flat.
Household consumption slipped slightly, reflecting pressure from tariffs, higher debt costs and still‑elevated living expenses. ^[15]

What It Means for the Bank of Canada

Markets quickly linked the upside GDP surprise to the Bank of Canada’s next rate decision on December 10. After cutting its policy rate to 2.25% in October, the central bank had already signalled a cautious stance. ^[16]

Friday’s data reinforced expectations that the BoC will hold rates steady rather than cut again, at least in the near term. Economists quoted by Reuters noted that while Q3 looked strong on paper, part of the boost came from trade dynamics (not booming domestic demand), and October’s flash decline suggests the recovery is not yet on solid footing. ^[17]

For TSX investors, that mix – better growth but still‑fragile demand – is generally supportive of:

Banks and insurers, which benefit from a “higher for longer” rate environment, and
Commodity producers, helped by a weaker Canadian dollar and stronger trade flows,

but it also argues for caution in more rate‑sensitive sectors like housing and consumer discretionary.

Banks in Focus: Earnings Season on Deck

With the macro backdrop improving, traders are now turning their attention to Canadian bank earnings, which begin to roll out next week. Reuters notes that financial stocks make up about 32% of the TSX, meaning the upcoming results season could heavily influence the index’s direction into year‑end. ^[18]

Highlights for the banking space:

Canada’s big six banks (RBC, TD, Scotiabank, BMO, CIBC, National) are expected to report year‑over‑year earnings growth in Q4, helped by stable credit quality and resilient net interest margins, even as wage‑driven operating costs rise. ^[19]
Investor sentiment has improved after a volatile mid‑year period, with bank stocks participating in the broader rally that pushed the TSX above 31,000. ^[20]

RBC Global Asset Management: ETF Income Update

On the income‑investor side, RBC Global Asset Management Inc. announced November 2025 cash distributions for the ETF Series of RBC Funds on November 28. One example:

RBC Canadian Equity Income Fund – ETF Series (RCEI) will pay a $0.062 per‑unit cash distribution. ^[21]

While these distributions don’t move the index, they matter for yield‑oriented retail investors who use Canadian dividend and income ETFs as core holdings.

Corporate Actions: Fairfax, TC Energy and Desjardins ETFs

Beyond the index‑level moves, November 28 brought a cluster of capital‑structure and listing changes that affect segments of the Canada stock market.

Fairfax Financial to Redeem Series I & J Preferred Shares

Fairfax Financial Holdings Limited (TSX: FFH, FFH.U) announced after the close on November 28 that it plans to redeem all outstanding Series I and Series J preferred shares on December 31, 2025. ^[22]

Key details:

Series I (FFH.PR.I): 10,420,101 5‑year rate reset preferred shares
Series J (FFH.PR.J): 1,579,899 floating‑rate preferred shares
Redemption price: C$25.00 per share, plus accrued and unpaid dividends
Total transaction size: roughly C$300 million
After redemption, both series will be delisted from the TSX. ^[23]

For preferred shareholders, this effectively crystallizes value at par, while for Fairfax the move simplifies its capital structure and retires relatively expensive hybrid capital as borrowing conditions have improved.

TC Energy: Series 11 Preferred Shares Redeemed

In the pipeline sector, TC Energy reminded investors that all outstanding Cumulative First Preferred Shares, Series 11 were scheduled to be fully redeemed on November 28, 2025, with a final quarterly dividend of $0.2094375 per share. After the redemption date, the Series 11 shares cease to trade on the TSX and no longer receive dividends. ^[24]

This is another example of Canadian blue‑chip issuers tidying up preferred share lines as funding markets evolve.

Desjardins Sustainable American Equity ETF (DSAE) Delisted

On the ETF side, Desjardins Investments Inc. confirmed that the Desjardins Sustainable American Equity ETF (DSAE) was terminated and delisted from the TSX at the close of business on November 28, 2025. ^[25]

Unitholders will receive final termination proceeds of about $29.06 per unit, with income and capital‑gains distributions of $0.00. ^[26]
The cash will be paid on or around December 5, 2025 to unitholders of record as of termination. ^[27]

The move continues a broader trend of ETF lineup rationalization on Canadian exchanges, as providers shut smaller, niche products and concentrate assets in larger, more liquid funds.

Small‑Cap and Thematic Names: Miners, Income ETFs and Crypto

While the index action grabbed the headlines, several stock‑specific and thematic stories also emerged around November 28–29:

Mining small caps: Analysis from Simply Wall St flagged Ero Copper (TSX: ERO) and Starcore International Mines (TSX: SAM), focusing on balance‑sheet risk and muted revenue growth even as share prices have rallied. ^[28]
High‑income ETFs: Technical reports highlighted Harvest Canadian High Income Shares ETF (HHIC) and Purpose Core Bitcoin ETF (BTCO.B) as actively traded Canadian‑listed funds, reflecting ongoing interest in yield strategies and crypto‑linked products on the TSX. ^[29]

These stories underline a broader theme: beneath the headline records, speculative and income‑oriented corners of the Canadian market remain very active as investors search for both yield and growth.

How the Canada Stock Market Looks Heading Into December

Putting it all together, here’s what the November 28–29, 2025 news flow suggests about the Canada stock market outlook:

Momentum is strong but concentrated.
The TSX’s record close and seven‑month winning streak are being driven heavily by commodities (gold, silver, energy) and financials, sectors that dominate Canadian indices. ^[30]
The economy looks better on the surface than underneath.
Q3 GDP at +2.6% annualized is impressive, but much of the strength comes from trade and government spending, while households and businesses remain cautious. ^[31]
Rate‑cut hopes are delayed, not dead.
The Bank of Canada is now more likely to hold rates at 2.25% in December, but a weaker October GDP flash and still‑fragile domestic demand keep the door open to further easing in 2026 if conditions deteriorate. ^[32]
Capital structures are shifting.
The wave of preferred share redemptions (Fairfax, TC Energy) and ETF terminations (Desjardins DSAE)shows issuers actively reshaping funding and product lineups to match the new interest‑rate and demand environment. ^[33]
Next big catalysts:
- Canadian bank earnings over the coming week
- The Bank of Canada decision on December 10
- Ongoing moves in gold, silver and oil prices
- Global risk sentiment, especially around U.S. Federal Reserve policy and tariff‑related trade issues

For investors scanning Google News or Discover for “Canada stock market today” updates, the message this weekend is straightforward: Canada enters December from a position of technical strength, but the rally is leaning heavily on a few key sectors and a macro backdrop that remains more noisy than truly robust.

As always, this article is for informational purposes only and does not constitute investment advice. Consider your own objectives and risk tolerance or speak with a licensed advisor before making trading decisions.

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