TSX Today: What to Watch for in Stocks on Thursday, May 7

Even with softer-than-expected U.S. non-farm payroll data, Canadian stocks staged a sharp recovery Wednesday on largely upbeat corporate earnings and hopes for progress in U.S.-Iran negotiations, which led to steep declines in crude oil and lifted metals prices. The S&P/TSX Composite Index climbed by 415 points, or 1.2%, to settle at 33,982 — ending its three-day losing streak.

While some key market sectors like energy, technology, and consumer staples showed weakness, solid intraday gains in real estate and mining stocks helped the broader TSX benchmark rebound strongly.

Top TSX Composite movers and active stocks

Sprott (TSX:SII) surged by nearly 20% to $207.65 per share, making it the top-performing TSX stock for the day. This rally in SII stock came after the precious metals and critical materials-focused asset manager posted strong first-quarter results. Its assets under management rose 9% from the end of 2025 to US$65.1 billion, helped by market value gains and inflows into its exchange-listed products.

Similarly, Sprott’s quarterly net profit more than doubled to US$29.2 million from US$12 million a year ago, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also jumped over 160% to US$57.9 million. SII stock rallied as investors cheered Sprott’s strong earnings growth, higher assets under management, and solid demand for its critical materials investment products. So far in 2026, the stock has now risen 55%.

Americas Gold and Silver, SSR Mining, and IAMGOLD were also among the day’s top gainers on the Toronto Stock Exchange, with each jumping by at least 14%.

On the flip side, shares of Vermilion Energy (TSX:VET) dived by nearly 13% after the Calgary-based energy producer reported a quarterly net loss of $146 million, mainly due to a large unrealized loss on derivative instruments linked to rising oil and European gas prices during the quarter.

Despite posting strong operational results, reducing net debt, and generating $98 million in free cash flow, investors appeared concerned about Vermilion Energy’s sizeable hedging-related losses and softer year-over-year fund flows from operations.

iA Financial, Stella-Jones, and Suncor Energy also fell by at least 7.5% each, making them among the session’s worst-performing TSX stocks.

According to exchange trading data, Telus, Enbridge, B2Gold, ARC Resources, and Cenovus Energy were the day’s most active stocks in Canada.

TSX today

Commodity prices were largely mixed in early trading on Thursday, pointing to a flat open for the resource-heavy main TSX index today.

With no major economic releases due this morning, Canadian investors will continue to closely monitor fresh developments around the ongoing U.S.-Iran conflict and their impact on global commodity markets. Reports suggesting that Washington and Tehran may be moving closer to a possible agreement to end hostilities helped pressure oil prices lower overnight, although uncertainty around the negotiations remains high.

U.S. president Donald Trump said Iran was reviewing a new proposal from Washington, but also warned that military strikes could resume at a “much higher level and intensity” if talks fail.

On the corporate events front, several TSX-listed companies, including Canadian Apartment Properties REIT, South Bow, Chartwell Retirement Residences, CES Energy Solutions, Open Text, NFI Group, Definity Financial, Altus Group, Wheaton Precious Metals, Pembina Pipeline, Aritzia, IGM Financial, Baytex Energy, Enerflex, MDA Space, Canadian Natural Resources, BCE, Premium Brands Holdings, and Maple Leaf Foods, will release their latest earnings reports today.

Market movers on the TSX today

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  The post TSX Today: What to Watch for in Stocks on Thursday, May 7 appeared first on The Motley Fool Canada.

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  Fool contributor Jitendra Parashar has positions in Aritzia, Bce, Canadian Natural Resources, Enbridge, MDA Space, Open Text, and Pembina Pipeline. The Motley Fool has positions in and recommends Altus Group and Aritzia. The Motley Fool recommends B2Gold, Canadian Natural Resources, Ces Energy Solutions, Enbridge, Enerflex, MDA Space, NFI Group, Pembina Pipeline, Stella-Jones, TELUS, and Vermilion Energy. The Motley Fool has a disclosure policy.