TSX Today: Why Canadian Stocks Could Continue to Rise on Tuesday, January 20

Despite escalating global geopolitical tensions, renewed tariff concerns and continued concerns about technology valuations, Canadian stocks started the new week strong as consistently rising commodity prices led to a broad rally that pushed the market to a new record high. The S&P/TSX composite index rose 50 points, or 0.2%, on Monday to settle at 33,091 – recording its fourth straight winning session.

Even as investors retreated from consumer discretionary and technology stocks, strong gains in other key sectors including mining, energy and utilities helped offset weakness in rate-sensitive and growth sectors, keeping the TSX on an upward path.

Top TSX Composite movers and active stocks

Shares of IAMGOLD (TSX:IMG) rose nearly 10% to $26.28 per share, making it the best performing TSX stock of the day. This rally in IMG shares came after the Toronto-headquartered gold miner reported strong preliminary operating results for 2025 and released its 2026 outlook.

In an update, IAMGOLD said it produced 765,900 attributable ounces of gold in 2025, landing it around the midpoint of its expectations, helped by record quarterly production across its operations. Investors also seemed encouraged by the company’s 2026 production forecast of 720,000 to 820,000 ounces and its plans to optimize Côté costs while advancing expansion work. After rising nearly 205% in 2025, IMG shares are already up 16% in 2026.

G Mining companies, Silvercorp MetalsAnd DPM metals were also among the biggest gainers on the Toronto Stock Exchange, up at least 4.8% each.

On the other hand Bit farms, Open text, easyAnd Keyera each fell at least 3.9%, making them the worst-performing TSX stocks of the day.

Based on their daily trading volume Telus, B2Gold, IAMGOLD, Bit farmsAnd Whitecap Resources were the five most active stocks on the stock exchange.

TSX today

Commodity prices were trending higher across the board early Tuesday morning, which could lift the commodity-rich TSX index today.

While both gold and silver rose to new record highs, crude oil prices also bounced back sharply amid rising tensions in the Middle East. Meanwhile, US President Donald Trump’s threats to impose tariffs on many European countries added a new layer of uncertainty to global trade discussions. These geopolitical tensions are keeping market volatility high, but the commodity rally appears to be overshadowing broader macro risks for now.

With no major economic or corporate releases expected this morning, TSX investors will be closely watching geopolitical headlines and intraday commodity price movements for direction.

Market movements on the TSX today