TSX Rises Sharply on Materials Rally; Gold and Base Metals Lead Gains

The Toronto Stock Exchange surged higher on January 22, 2026, as materials stocks posted strong gains driven by rising commodity prices. The S&P/TSX Composite Index climbed 1.4% to close at 23,850.70, marking its best single-day performance in over two weeks. Gold miners led the charge, with Barrick Gold (ABX) gaining 3.2% and IAMGOLD (IMG) up 2.9%, amid renewed demand for safe-haven assets amid global economic uncertainty. Base metals also advanced, supported by stronger-than-expected manufacturing data from China. Teck Resources (TCK.B) rose 2.5%, while Franco-Nevada (FNV) added 2.1%. The materials sector’s outperformance lifted broader market sentiment, with the TSX Venture Exchange gaining 1.8%. Analysts attributed the rally to a combination of elevated inflation expectations and speculation about potential supply disruptions in key mining regions. The Canadian dollar strengthened slightly against the U.S. dollar, trading at 1.35 CAD/USD, further supporting resource equities. Trading volume remained above average, signaling heightened investor interest.