TSX rises 0.48% on metals rally, jobs data

The Toronto Stock Exchange’s S&P/TSX Composite Index rose 171.95 points, or 0.48 %, to 36,308.27 on Friday, buoyed by a surge in the materials sector after precious‑metal prices climbed and U.S. payroll data softened expectations for Federal Reserve rate hikes.

The rally came after Canada released upbeat employment figures, while the U.S. Labor Department reported a 23,000‑job drop in July, far below the 70,000 jobs the market had priced in. The U.S. unemployment rate slipped to 4.1 % from 4.2 %, easing concerns that a tightening cycle could stall growth. In Canada, stronger job growth added confidence to the market, but traders remained wary of a potential U.S.–Iran deal, which could dampen momentum.

Materials stocks led the gains, with the S&P/TSX Materials Capped Index up almost 4.5 %. B2Gold jumped 22 % despite a lower Q2 EPS, while Iamgold surged 12.5 % on EPS of $0.43 versus $0.13 a year earlier. Other miners such as Aris Mining, Allied Gold, and Southern Cross Gold climbed 7–10 %. Russell Metals leapt 14 % after reporting Q2 EPS of $1.43 against $1.07 a year before. Corporate earnings across the board helped, with firms like Jamieson Wellness, Perpetua Resources, and Shopify posting solid gains. Some stocks fell, including Wajax, Extendicare, and several energy names, but the overall market tilt remained positive.

Analysts say the TSX’s rise reflects a mix of commodity optimism and easing monetary policy expectations. The materials rally could signal a rebound in global demand for metals, especially if supply constraints ease. Investors will now watch for further U.S. labor reports, the trajectory of Fed policy, and any developments in the U.S.–Iran negotiations, as these factors will shape the market’s direction in the coming weeks.