Gold and Mining Stocks Boost Sector Performance

Highlights

• Gold and silver mining companies led the gains on the TSX, supported by global economic shifts and commodity price increases.
• Celestica and Bombardier emerged as top-performing non-mining stocks, backed by technological demand and strong aerospace orders.
• The TSX Composite Index advanced significantly, marking a bullish phase following geopolitical and economic developments.

The TSX Composite Index has advanced notably in 2025, driven by significant gains across gold and silver mining companies. These stocks, part of the broader materials and mining sector, have benefitted from external macroeconomic factors including shifts in trade policies and global credit ratings. Companies under this segment have seen substantial upward momentum as commodity prices, especially gold, continued climbing throughout the year.

Notable names such as Lundin Gold (TSX:LUG), New Gold Inc. (TSX:NGD), Orla Mining Ltd. (TSX:OLA), Sandstorm Gold Ltd. (TSX:SSL), and Kinross Gold Corp. (TSX:K) were among the leading performers. These companies have gained traction following tariff revisions in key global markets and adjustments in U.S. fiscal policy. Additionally, other prominent mining firms like Oceanagold Corp. (TSX:OGC), G Mining Ventures Corp. (TSX:GMIN), Torex Gold Resources Inc. (TSX:TXG), and Sprott Inc. (TSX:SII) also recorded significant appreciation during the same period.

A contributing factor to these movements includes a downgrade in U.S. credit rating, prompting a surge in demand for precious metals. Concurrently, legislative changes affecting U.S. fiscal stability further bolstered investor attention towards gold-focused equities on the TSX.

Celestica Drives Technology Segment Strength

In contrast to the dominance of commodity-focused firms, Celestica Inc. (TSX:CLS) emerged as the standout performer in the technology sector. The stock rallied amid rising demand for enterprise-level computing, storage, and networking hardware. Market sentiment around artificial intelligence developments has further accelerated interest in Celestica's offerings.

Growth in product adoption has enhanced revenue streams and improved operational efficiencies. This has translated to upward movement in gross margins and operational earnings, reflecting solid execution in a competitive technology landscape.

The surge in Celestica’s stock price has positioned the company as one of the top non-mining gainers on the TSX this year, highlighting the diversification in index performance beyond natural resources.

Bombardier Sees Lift from Aerospace Orders

Bombardier Inc. (TSX:BBD.B) recorded one of the strongest rallies in the industrials sector, supported by new orders for business jets. The company disclosed a sizeable order for its Challenger and Global series aircraft, with deliveries expected to commence within the next two years. If the full order is executed, the total transaction value would represent a significant revenue boost for the aerospace manufacturer.

This development underscores momentum in Canada’s aviation sector, where demand for corporate and private aircraft remains steady. Bombardier's expansion plans have contributed to strengthening its market position and reinforcing confidence among stakeholders.

Macroeconomic Drivers Behind TSX Surge

The broader upward trend on the TSX reflects wider macroeconomic and geopolitical changes. The index’s current trajectory aligns with easing monetary policy signals from major central banks and recalibrated global trade dynamics. A dovish stance by the Federal Reserve and shifts in U.S. economic legislation contributed to increased demand for Canadian equities, particularly those linked to precious metals and industrial manufacturing.

Trade-related announcements and fiscal legislation have also influenced commodity pricing, acting as a tailwind for companies focused on natural resource extraction. Additionally, developments in technology, especially relating to AI and enterprise infrastructure, have amplified growth prospects for companies like Celestica.

Sectoral Overview of Index Contributors

The top-performing segments within the TSX Composite have spanned across materials, technology, and industrials. While precious metals continue to dominate due to heightened global demand, strong fundamentals in high-tech manufacturing and aerospace have added diversity to the performance chart.

Companies across various sectors benefited from robust demand and favorable external conditions, contributing to the sustained momentum of the Canadian equity benchmark. While gains have been broad-based, the standout players underscore key trends shaping capital flows in 2025.