The S&P/TSX Composite Index surged for its second consecutive session on Thursday, January 22, 2026, closing at 33,002.70, a robust gain of 151.17 points or 0.46%. This performance marks the fourth-highest close in the history of the Toronto Stock Exchange, bringing the benchmark within a hair’s breadth of its all-time record set earlier this week.

The rally was fueled by a significant cooling of geopolitical heat as President Donald Trump retreated from aggressive tariff threats related to his Greenland acquisition framework. With the "Trump Always Chickens Out" (TACO) narrative circulating through trading floors, investors pivoted back to growth, sending the index to a month-to-date gain of 4.07%.

Key Market Drivers: The Greenland "Thaw" and Gold’s Glitter

Source: Kalkine Group

The primary catalyst for today’s upward move was the sudden de-escalation of trade tensions between the United States and Europe. After earlier threats to penalize countries opposing the U.S. purchase of Greenland, President Trump announced a "Greenland Framework" deal with NATO leaders, effectively removing the immediate threat of 10% tariffs.

Additionally, the Canadian market benefited from its heavy concentration in materials. While U.S. inflation data (Core PCE at 2.8%) signaled stubbornly high prices, it inadvertently supported precious metals. Gold futures climbed to near-record levels of $4,928.14, providing a massive tailwind for Canada’s mining heavyweights.

Sector Performance: Mining Shines, Energy Slumps

The market was a tale of two halves today, with gold-backed materials leading the charge while the energy sector struggled under the weight of falling crude prices.

Source: Market Data

Top Gainers and Losers: Stock Highlights

Source: Kalkine Group

Mining equities stole the spotlight, with several companies hitting multi-year or all-time highs. Conversely, specialized miners and select financial firms faced profit-taking or specific guidance adjustments.

Today’s Top 3 Gainers

  1. Seabridge Gold Inc. (TSX: SEA): +12.62% ($50.97). Hit a 5-year high on strong precious metal sentiment.
  2. Discovery Silver Corp (TSX: DSV): +12.21% ($10.94). Reached 5-year peaks amid the silver rally.
  3. New Gold Inc (TSX: NGD): +11.98% ($17.39). Surged to an all-time record high.

Today’s Top 3 Losers

  1. Lundin Mining (TSX: LUN): -10.91% ($32.67). Slumped after releasing 2026 guidance that highlighted lower production rates in the first half of the year.
  2. Celestica Inc. (TSX: CLS): -6.55% ($400.29). Pulled back from recent AI-driven highs.
  3. Fairfax Financial (TSX: FFH): -4.60% ($1,585.20). Snapped a winning streak as the financial sub-sector saw profit booking.

Technical Analysis: Testing the Peak

Source: Trading View

Technically, the TSX is flirting with overbought conditions on the RSI (Relative Strength Index).

  • Support/Resistance: The index is currently testing resistance at the 33,090 level (the record high). A break above this would open the door to 33,500. Strong support is established at 32,850.
  • Moving Averages: The index remains comfortably above its 50-day and 200-day moving averages, signaling a sustained medium-term bull run.
  • Volatility: The S&P/TSX 60 VIX dropped 3.42% to 15.23, indicating that the fear premium is exiting the market as trade war fears subside.

Conclusion: A Resilient Path to New Highs

The TSX’s ability to shrug off sticky U.S. inflation data and focus on the de-escalation of trade wars speaks to the underlying strength of the Canadian economy in 2026. While the energy sector remains a drag due to fluctuating crude prices (WTI down to $59.45), the resurgence of gold and materials has provided a safety net that U.S. tech-heavy indices lack. As we move into the final week of January, the focus will shift from geopolitics to the "earnings deluge," with major Canadian banks and tech firms like Shopify set to dictate the next leg of this record-breaking journey.