TSX Today: Why Canadian Stocks Could Extend Gains on Tuesday, December 23

Canadian stocks continued to rally for the third straight session on Tuesday as surging commodity prices, including a record-setting rally in gold and silver, and growing confidence in early 2026 rate cuts kept bullish momentum alive. The S&P/TSX Composite Index advanced by 244 points, or 0.8%, for the day to settle at 32,000 — marking its first close above this key psychological level.

Despite continued weakness in healthcare stocks, strong performances in many other key sectors, such as mining, industrials, and energy, drove the TSX to new heights.

With this, the TSX benchmark’s year-to-date gains expanded to 29.4%, placing it among the top-performing global equity indexes in 2025.

Top TSX Composite movers and active stocks

Discovery Silver, Vizsla Silver, Bitfarms, and Allied Gold were the top-performing TSX stocks for the day, with each jumping by at least 6.3%.

Shares of IAMGOLD (TSX:IMG) also climbed 4.3% to $24.16 per share, making it among the day’s top gainers on the Toronto Stock Exchange. In addition to a record rally in gold prices, IMG stock gained momentum after the Canadian gold producer announced the closing of its acquisition of Mines D’Or Orbec.

The deal strengthens IAMGOLD’s presence in Quebec and adds the Muus Project to its Nelligan Mining Complex, one of Canada’s largest pre-production gold zones. Investors cheered the move, seeing it as a step forward in expanding the company’s long-term growth pipeline. After the recent gains, IMG stock is now up 225% on a year-to-date basis.

On the flip side, Curaleaf, Magna International, Constellation Software, and FirstService were the session’s worst-performing TSX stocks as they slid by at least 4.6% each.

Based on their daily trade volume, Canadian Natural Resources, B2Gold, Cenovus Energy, Telus, and Manulife Financial were the five most active stocks on the exchange.

TSX today

Gold and silver prices continued to reach new heights in early Tuesday trading, setting the stage for a fourth straight strong opening for the TSX today. Meanwhile, continued gains in crude oil amid escalating geopolitical tensions could provide additional support to Canada’s commodity-heavy index.

In addition to Canada’s monthly GDP (gross domestic product) report due this morning, Canadian investors will also be watching for U.S. quarterly GDP and monthly consumer confidence data. Together, these key economic releases could offer important clues about the strength of the North American economy and give further direction to equity markets already trading at record highs.

Market movers on the TSX today

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  More reading

  • 3 Reasons to Buy Dollarama Stock Like There’s No Tomorrow
  • Max Out Any TFSA With 2 Canadian Utility Stocks Set for Massive Growth
  • The Best Stocks to Invest $2,000 in a TFSA Right Now
  • These Are Some of the Top Dividend Stocks for Canadians in 2026
  • The 3 Most Popular Stocks on the TSX Today: Do You Own Them?

  Fool contributor Jitendra Parashar has positions in Canadian Natural Resources and Magna International. The Motley Fool recommends B2Gold, Canadian Natural Resources, Constellation Software, FirstService, Magna International, and TELUS. The Motley Fool has a disclosure policy.