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Stock Markets March 25, 2026

Toronto market closes higher as clean tech, materials and industrials lead gains

S&P/TSX Composite rises 1.38% as select miners and renewables post strong advances

By Marcus Reed BLX SSRM MDA
Toronto market closes higher as clean tech, materials and industrials lead gains
BLX SSRM MDA

Canada's main equity benchmark finished the session higher, with the S&P/TSX Composite advancing 1.38% on Wednesday. Strength in Clean Technology, Materials and Industrials underpinned the move, with Boralex, Montage Gold and SSR Mining among the top winners while MDA, Birchcliff Energy and Parex Resources were the largest decliners. Volatility as measured by the S&P/TSX 60 VIX eased and mixed movements in commodities and currencies accompanied the rally.

Key Points

  • S&P/TSX Composite rose 1.38% at the close, led by gains in Clean Technology, Materials and Industrials.
  • Top individual winners included Boralex (BLX), Montage Gold (MAU) and SSR Mining (SSRM); the biggest decliners were MDA (MDA), Birchcliff Energy (BIR) and Parex Resources (PXT).
  • Volatility eased as the S&P/TSX 60 VIX fell to 19.21; commodities showed mixed moves with gold up and oil down, while major CAD crosses were essentially unchanged.

Canadian equities closed the trading day higher on Wednesday, with broad-based gains concentrated in Clean Technology, Materials and Industrials. The S&P/TSX Composite ended the session up 1.38% in Toronto.

Leading the session's advances was Boralex Inc (TSX:BLX), which climbed 10.97% - equal to a gain of 3.62 points - to finish at 36.62. Boralex's share price move pushed the stock to a 52-week high by the close. Montage Gold Corp (TSX:MAU) followed, adding 7.82% or 1.00 point to reach 13.78, and SSR Mining Inc (TSX:SSRM) was up 7.08%, a rise of 2.38 points, settling at 36.01 in late trade.

On the downside, MDA Ltd (TSX:MDA) was the session's weakest performer, falling 4.59% or 1.85 points to close at 38.45. Birchcliff Energy Ltd. (TSX:BIR) declined 4.49%, a drop of 0.36 points, to finish at 7.65, and Parex Resources Inc (TSX:PXT) slipped 2.94% or 0.79 points to end the day at 26.09.

Advancers outnumbered decliners on the Toronto Stock Exchange by a margin of 679 to 271, with 81 issues unchanged at the close.

Volatility on TSX options eased as the S&P/TSX 60 VIX, which measures implied volatility for S&P/TSX Composite options, fell 4.00% to 19.21.

Commodity moves were mixed in other markets. Gold futures for June delivery increased 2.69% - up 119.20 - to $4,553.30 a troy ounce. In energy markets, crude oil for May delivery dropped 1.09% or 1.01 to $91.34 a barrel, while the June Brent contract fell 2.07% or 2.07 to trade at $98.16 a barrel.

Currency markets showed limited movement in Canadian dollar crosses. CAD/USD was unchanged 0.35% to 0.72, and CAD/EUR was unchanged 0.08% to 0.63. The US Dollar Index Futures rose 0.23% to 99.47.

Market context and observations

The session featured notable single-stock performances within sectors cited as drivers of the rally; gains in clean energy-related and materials companies helped lift the broader index, while selected technology and energy names pressured the downside list. Measures of option-implied volatility moved lower on the TSX, even as commodity prices diverged between metals and oil.

Session statistics

  • S&P/TSX Composite: +1.38% at close
  • Advancers vs decliners: 679 vs 271; 81 unchanged
  • S&P/TSX 60 VIX: -4.00% to 19.21

These readings provide an intraday snapshot of market breadth, volatility and cross-asset moves that accompanied the TSX's advance on Wednesday.

Risks

  • Selective weakness among individual stocks - exemplified by declines in MDA, Birchcliff Energy and Parex Resources - suggests company-level risks that can weigh on sector performance.
  • Divergent commodity price action, with gold rising and crude oil falling, introduces uncertainty for materials and energy sectors dependent on commodity cycles.
  • Although implied volatility retreated on the S&P/TSX 60 VIX, shifts in volatility or sudden commodity moves could quickly alter market sentiment and equity performance.

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