TSX Hits Record 29,768: Top Mining Stocks Like Aris and Skeena Surge 5% on September 22 Gold Rally
Toronto, September 22, 2025 – The Toronto Stock Exchange had a bang start as it began the trading week with the S&P/TSX Composite Index being highly rebalanced, which highlighted the strength of the mining sector during an overall market backlash.
The five per cent growth in the number of resource-oriented firms added to the benchmark index is the buzz of investors who show renewed confidence in commodities in spite of the global uncertainties. Power Corporation of Canada, in the meantime, completed a significant issue of preferred shares, which strengthened its capital foundation, highlighting the stable foundation of the financial sector.
As the TSX approaches record highs after the recent rate cuts by the Bank of Canada and the U.S. Federal Reserve last week, today’s events are providing prospects of another productive September for Canadian equities.
The index modifications, which are effective as of the beginning of trading today, are the result of the quarterly review of S&P Dow Jones Indices and are quite timely. TSX was up on Friday, 29,768 points or 1.07 per cent from the previous session, and with a monthly move of 6.78.
The index has gained an impressive 24.72 per cent year to date, outperforming most international peers, largely due to monetary policy relaxation. Analysts attribute this momentum to the proactive attitude of central banks and the recent 25-basis-point reduction in the Bank of Canada’s policy rate, which lowered its policy rate to levels not seen since the early 2020s.
The changes are driving new life into the economy, and the market is reacting with eagerness, a top strategist of a Wall Street firm told them, but because it was confidential, his name was not revealed. That could be increased by the emphasis on mining additions today to attract institutional inflows to undervalued resource plays.
Index Rebalancing Ignites Mining Rally
The move that has at its core the transformation of the S&P/TSX Composite, the flagship equity index in Canada, is a 250-stock large and mid-cap index of stocks. There were five new entrants, all of whom are materials players, and two old entrants were pushed to the fringes.
This change not only diversifies the index but also brings to focus the recovery of the mining industry due to the stable price of gold and exploration finds in the remote regions of Canada. At the head of the new entrants is the Aris Mining Corporation(TSX:ARIS), which is a gold producer with operations in Colombia and Canada.
ARIS stock rose 4.2% to trade at about 5.20 before the market, as the news itself was optimistic about the success of its expansion of the Marmato mine, which will also enable annual production of more than 250,000 ounces by mid-2026. The aggressive growth strategy of the company is justified by the fact that it has lately acquired other companies, which have increased its resource base by twofold.
The announcement of this move marked the next milestone in cementing our operational excellence and getting us positioned to continue value-creation, said Neil Woodyer, president and CEO of Aris Mining, in an early-Monday statement. The other four mining companies will be joining ARIS, which will add their own strengths to the index.
Curaleaf Holdings, Inc. (TSX: CURA), which has its main operations in cannabis but is increasingly linked to health care materials, experienced a 3.8 per cent increase in stock to $4.15. Although not a conventional miner, Curaleaf has shifted towards cannabinoid-based pharmaceuticals, which aligns with the expansion of the sub-industry’s scope.
Development Silver Corp. (TSX: DSV) shot up 5.1 per cent to $1.85 on the promise of positive drill outcomes in its Cordero project, which may make it one of the most significant unexploited silver resources in the world. Perpetua Resources Corp. (TSX: PPTA) and Skeena Resources Limited (TSX: SKE) completed the list and were both gold-focused Canadian-based explorers.
PPTA, which is working on the Stibnite Gold Project in Idaho, rose 4.7% to $7.40, and SKE, which is developing the Eskay Creek mine in British Columbia, rose 3.9% to $6.75. These inclusions are gold, which is close to being priced at $2,500 an ounce due to geopolitical tensions and inflation hedges.
The weighting now benefits the materials sector, which constitutes approximately 12 per cent of the TSX and could have billions of dollars invested in it by passive funds. On the other side, some tech and energy enthusiasm was tamed by the removals of Enghouse Systems Limited (TSX: ENGH) and Pason Systems Inc. (TSX: PSI).
The software provider, ENGH, fell 2.1 per cent to $28.50 because of stagnant growth ratios that were not in line with index standards. PSI, an oilfield services company, dropped 1.8 per cent to $15.20, as it was caught between the fluctuating energy prices, even though the rest of the industry was recovering.
Although this is a normal practice, these changes highlight the process of transformation of the TSX to high-growth, commodity-based names in an age of resource nationalism. The market participants did not take long to respond. The added stocks’ trading volume surged 150 per cent better than average in pre-market sessions, and algorithmic traders prepared the rebalance.
The mining tilt is opportune, and a portfolio manager at a Toronto-based hedge fund remarked. The Canadian resources will serve as a safe haven for diversification in case the U.S. tariffs come back under the possible Trump administration. In fact, recent surveys indicate that policy changes south of the border have a 60 per cent probability of benefiting the North American supply chains, which would indirectly boost the TSX miners.
Power Corporation Strengthens Balance Sheet by Preferred Shares Proxy
Moving on to the financials, Power Corporation of Canada made one of the most important corporate announcements of the day, with the closure of the long-awaited issuance of non-cumulative first preference stock, Series H.
The offering proved to be a sale of 6 million shares at a price of $25, or $150 million, and a yield of 5.75% of annual dividends. Underwriters may acquire as many options as they want, to a maximum of 2 million, which may take proceeds to $200 million.
The deal, which is spearheaded by a syndicate of BMO Capital Markets, RBC Capital Markets and Scotiabank, underscores the fact that Power is an aggressive capital consumer in a low-rate environment. The proceeds will be used to finance general corporate purposes, including investments of its various portfolio insurance, asset management, and other alternative assets subsidiaries, such as Great-West Lifeco and IGM Financial.
This enhances our liquidity position and helps in long-term expansion efforts, said a spokesperson for Power. The stock of Power (TSX: POW) rose 0.8 per cent to $38.45, and this is one of the reasons the financial sector improved by 1.2 per cent.
It is better when it comes to timing since preferred shares have good yields that can be appealing to income-seeking investors who are afraid of bond volatility. As the rate trend of the Bank of Canada is moving to additional easing, possibly another 25 basis points in October, this issue will be an issue of fixed funding at good terms.
The shift by Power is one of the current trends of banks and insurers in Canada, which have already raised more than $5 billion in preferreds this year to refinance expiring debt and to take advantage of the yield spreads.
Broader Market Trends: Rate Cuts Fuel Optimism, But Data Looms
In addition to the headlines, the positive trend of the TSX is supported by macroeconomic tailwinds. The two rate cuts by both the Fed and Bank of Canada last week created a 2.5% week index increase, with tech and consumer discretionary taking the centre stage. There are no indications of a flat open today, although the underlying enthusiasm remains bullish, and the Canadian VIX-equivalent fear gauge is at multi-year lows.
Yet, caution persists. The possible impact on sentiment today may be the release of the Industrial Product Price Index (IPPI) for August, which will be published at 8:30 a.m. ET. Economists predict a decline of 0.3 per cent on a month-on-month basis, which is due to the weaker commodity inputs and declining inflation.
A reading that is softer than expected would cause further cuts in the Bank of Canada to be anticipatory ,which would carry the equities further. On the other hand, the rally may be mitigated by the continuous price pressure of energy and metals.
The mining industry remains a stellar area in the company-specific news. With a 2025 production target of 970,000 to 1.075M ounces of gold, B2Gold Corp. (TSX: BTO) reiterated the positive Q2 results that saw the company raise its revenue by 41% over the previous year.
Shares gained 2.3 to $4.10, which is a 70-per-cent year-to-year increase that has been above average in the sector. Information on the Goose Mine commissioning in Nunavut and Fekola in Mali indicates the discipline in the operations, as all-in sustaining costs are estimated to be less than $1,200 per ounce.
Another company that has caused ripples is Taseko Mines Limited (TSX: TKO; NYSE American: TGB), where the executive Robert Rotzinger exercised 150,000 stock options that would expire in February 2026. The deal, at a price estimated to be about 750,000 dollars, according to the prevailing prices, indicates internal confidence in the Florence project of the copper-gold producer in the state of Arizona. The TKO shares rose 1.5 per cent to $5.00, as the rest of the base metals strengthened.
Sector Spotlights: Tech Mixed, Energy Steady
The TSX bellwether energy sector was stable with a 0.5 per cent pre-market advance, with West Texas Intermediate crude standing at around $72 per barrel. Enbridge (TSX: ENB) and TC Energy(TSX: TRP) gained a little, supported by pipeline growth approvals and U.S LNG export contracts.
Nonetheless, the bifurcation between the majors and service providers in the sector is apparent because smaller players such as Pason Systems are the ones hit by the index exit. Technology, on the other hand, was two-sided.
Following the mining culls last week, the group confronts a noisy week earnings line-up- no less than seven S&P 500 companies on the calendar, and no TSX 60. Shopify (TSX: SHOP) and Constellation Software (TSX: CSU) were flat, although the looming increase in U.S. H-1B visa fees is marring its prospects of IT outsourcing, which may potentially trickle down to companies with cross-border exposure in Canada.
The consumer staples and utilities sectors were on the defensive, rising 0.7% and 0.4%, respectively, as investors shifted into yield plays before possible election rhetoric could cause further volatility in the U.S.
Outlook: 7 Days of Consolidation?
And with no significant income this week, the focus has moved into the economic data and world indicators. The U.S. durable goods orders on Wednesday and Thursday will be a test of the soft-landing story. Domestically, the dovish pivot of the Bank of Canada can be supported through July GDP figures, which are supposed to indicate a rebound.
To investors, the modern index shake-up is providing access to the mining sector, where the amount of money invested is 15 per cent lower than historical averages despite the temptation of gold. The increase in capital raised by Power, on the other hand, is a good example of proper balance sheet management during uncertain times.
Canadian markets seem to have more of the same performance as the TSX continues into the second week of September with a streak of 4.3%. The continuation of this momentum will depend on the flows of data, but at this point, the bulls have the reins.
Canada has an economic story in a landscape where rate relief and resource revival have contributed to shaping its current stories, which are resilient, diversified, and prepared towards the future. The traders will be keeping a keen eye on the session’s proceedings, yet the message is quite clear: there are plenty of opportunities in the Canadian equity market.