Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He graduated with a degree in Business Administration, has over a decade of writing experience, and grew his personal portfolio 153% from 2020 to 2024.
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The S&P/TSX Composite delivered a solid TSX rebound on Thursday, gaining 172.06 points to close at 35,505.84 (approximately +0.5%), recovering some of the ground lost in Wednesday’s 1.16% decline following the Federal Reserve’s decision to hold interest rates steady.
All figures in this article are data as of July 30, 2026 market close. The index bounced back from Wednesday’s close of 35,333.78, though it remains below Tuesday’s record high of 35,749.70. Thursday’s session saw basic materials and financials lead the charge, while technology and industrials lagged.
Gold Miners Shine on Weaker Dollar
Gold mining stocks posted strong gains as a weaker U.S. dollar lifted the precious metal. Agnico Eagle led the sector with a 4% gain, Barrick Mining climbed 3.2%, Wheaton Precious Metals advanced 3.1%, and Franco-Nevada added 2.8%.
Agnico Eagle’s strong performance followed its second-quarter results released Wednesday after market close. The company reported adjusted earnings per share of US$3.05, beating the US$2.89 consensus estimate and up sharply from US$1.94 a year ago (data as of Q2 2026). The miner delivered record revenue of US$3.8 billion, produced 855,816 ounces of gold, and achieved an average realized gold price of US$4,483 per ounce.
Investors interested in gaining exposure to gold mining stocks can access these companies through Canadian investing platforms that offer access to TSX-listed equities.
Banks Recover from Fed Selloff
Canadian bank stocks rebounded Thursday after selling off in response to Wednesday’s Federal Reserve rate decision, which saw the central bank hold its benchmark rate at 3.50–3.75% for the fifth consecutive meeting. As of Thursday’s close, TD Bank gained 2%, Scotiabank advanced 1.6%, Royal Bank climbed 1.4%, Bank of Montreal rose 1.4%, and CIBC added 1.2%.
The banking sector had been under pressure Wednesday as investors digested the Fed’s unchanged policy stance, which came on a 9-3 vote among committee members.
Technology Stocks Stumble
While materials and financials rallied, technology stocks faced headwinds. Lightspeed Commerce plunged 12.8% after missing quarterly profit estimates, Shopify fell 5.6%, and Constellation Software declined 3.1%. Oil prices eased slightly during Thursday’s session.
Looking Ahead: Imperial Oil Reports Friday
Market attention turns to Imperial Oil this morning (Friday, July 31), which reports second-quarter results before the market opens, followed by an earnings call at 11:00am ET. The energy sector has shown strength this week, and investors will be watching to see if Imperial can match the momentum from its peers.
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FAQ
Why did gold mining stocks rise Thursday?
Gold miners rallied as a weaker U.S. dollar lifted gold prices. Agnico Eagle’s strong second-quarter earnings results, which beat analyst estimates, also supported the sector.
Did the TSX fully recover from Wednesday’s losses?
No. While the index gained 172.06 points Thursday, it remains below Tuesday’s record close of 35,749.70. Wednesday’s decline saw the TSX lose 415.92 points (data as of July 30, 2026).
Which sectors led Thursday’s gains?
Basic materials and financials led the advance, with gold miners and Canadian banks posting the strongest gains. Technology and industrials were the weakest performers.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions.
Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He holds a degree in Business Administration and has over a decade of writing experience. Nick began investing just before the COVID-19 market crash in March 2020, growing his personal portfolio 153% by 2024. In 2022, he founded Best Canadian Stocks to make data-driven investing accessible to all Canadians. His goal is to help all of his readers achieve financial freedom, maximize their spending power, and reach their financial goals. Whether you're maximizing your TFSA, building an RRSP to save for retirement, or looking to buy your first stock, Nick has your back. His work covers Canadian equities, dividend investing, tax-advantaged accounts, and personal finance.
