TSX Today: What to Watch for in Stocks on Wednesday, January 28

Even though commodity prices continued to trend higher, Canadian equities moved sideways on Tuesday as renewed tariff concerns made investors cautious ahead of upcoming interest rate decisions on both sides of the border. The S&P/TSX Composite Index ended the volatile session with a minor gain of three points at 33,096 — reflecting investor hesitation as they weighed rising commodity prices against heightened macro uncertainty.

On the one hand, commodity-linked and utility stocks continued to rise, with strength in gold, silver, and oil helping support the TSX. Investors also rotated into defensives like utilities, signaling confidence in certain pockets of the market even amid broader caution. On the other hand, sharp intraday declines in other key sectors like healthcare, consumer, and real estate offset much of the strength in commodities, keeping the broader index in a holding pattern.

Top TSX Composite movers and active stocks

NovaGold Resources, Celestica, MDA Space, and TransAlta were the top-performing TSX stocks for the day, with each climbing by at least 6.4%.

In contrast, Metro (TSX:MRU) was one of the worst performers on the Toronto Stock Exchange, as its shares plunged 5.5% to $92.93 apiece. This selloff in MRU stock came after the Montréal-based food and drug retailer reported a mixed set of first-quarter fiscal 2026 (ended in December 20, 2025) results. While the company’s sales rose 3.3% to $5.29 billion in the latest quarter, its net earnings fell 12.8% year over year to $226.3 million, dragging its diluted earnings down 9.5% to $1.05 per share.

Metro’s quarterly results were mainly weighed down by $15.9 million in after-tax costs tied to the temporary shutdown of its Toronto frozen food distribution centre. Despite modest same-store sales growth and a higher dividend, investors appeared more focused on the headline earnings decline — leading to a selloff in MRU stock.

Cogeco Communications, Constellation Software, and Curaleaf were also among the session’s worst-performing TSX stocks as they slipped by at least 4.8% each.

Based on their daily trade volume, Whitecap Resources, Manulife Financial, B2Gold, Cenovus Energy, and Ivanhoe Mines were the most active stocks on the exchange.

TSX today

Spot gold prices zoomed up over US$5,200 per ounce for the first time in history in early trading on Wednesday, which could continue to lift TSX mining stocks at the open today.

Stocks are expected to remain volatile as both the Bank of Canada and the U.S. Federal Reserve prepare to announce their first interest rate decisions of 2026 today, and will hold press conferences and release policy statements. While central banks are not expected to make any notable rate changes, investors will be closely watching for updates to economic forecasts and any shifts in policy tone.

On the corporate events side, TSX-listed Celestica, Canadian Pacific Kansas City, and CGI will announce their latest quarterly results today, which could keep these stocks in the spotlight throughout the session.

Market movers on the TSX today

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  The post TSX Today: What to Watch for in Stocks on Wednesday, January 28 appeared first on The Motley Fool Canada.

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  More reading

  • TSX Today: What to Watch for in Stocks on Tuesday, January 27
  • Last Chance for a Fresh Start: 3 TSX Stocks to Buy for a Strong January 2026

  Fool contributor Jitendra Parashar has positions in Celestica and Mda Space. The Motley Fool recommends B2Gold, CGI, Canadian Pacific Kansas City, Celestica, Cogeco Communications, Constellation Software, and Whitecap Resources. The Motley Fool has a disclosure policy.