Canada Stocks: TSX gains; Celestica, Cameco among big winners

Cameco

28/10/2025 20:41

Updates to close

By Nivedita Balu

Oct 28 (Reuters) - Canada's main stock index closed higher on Tuesday, boosted by a robust technology and material shares rally, while investors awaited pivotal central bank decisions.

Toronto's S&P/TSX composite index .GSPTSE closed up 143.92 points, or 0.48%, at 30,419.68.

The technology sector .SPTTTK rose 1.6%, helped by gains in Celestica CLS.TO, which jumped 7.3% after raising its 2025 revenue forecast, and an 8% rise in Dye & Durham DND.TO, which late on Monday said the sale of its unit Credas is expected to close by January to help with debt reduction.

The biggest winner was Cameco CCO.TO, which jumped 22.9% after the announcement that the uranium supplier Westinghouse Electric and Brookfield Asset Management BAM.TO will build at least $80 billion of new nuclear reactors across the United States in a partnership with the U.S. government.

The materials sector .GSPTTMT rose 0.8%, led by gains in Hudbay minerals HBM.TO and Discovery Silver DSV.TO.

Energy shares .SPTTEN fell 1.1% decline as oil prices tumbled nearly 2%. Investors continue weighing the implications of U.S. sanctions on Russia's two largest oil companies against potential OPEC+ production increases.

Global investors are optimistic that U.S. President Donald Trump will strike a long-awaited trade deal with China during his Asia tour. Trump has signed a deal with Japan to mine and process critical minerals and rare earths.

"There is some optimism more globally, not necessarily in Canada, that some of the trade tensions are easing," said Angelo Kourkafas, a senior global investment strategist at Edward Jones.

For Canada, however, trade relations deteriorated last week when Trump announced an additional 10%  tariff on Canadian imports, citing what he called a misleading tariff-related advertisement.

Investors will also focus on central bank policy decisions scheduled on Wednesday, with both the Bank of Canada and the U.S. Federal Reserve widely expected to implement a quarter-point interest rate cut.

"The focus is going to be on the trade front and the impact on the economic health within the labor market for Canada," Kourkafas said.

(Reporting by Ragini Mathur in Bengaluru; Editing by Shailesh Kuber and Will Dunham)

((Ragini.Mathur@thomsonreuters.com;))