Uranium and mining stocks dominated gains on the Toronto Stock Exchange on Tuesday, with Energy Fuels Inc leading advances after a sharp rise in the uranium sector.
Energy Fuels, which is not yet profitable, surged 8.7% to a market capitalization of C$5.15 billion. The company is forecast to post an 86.6% revenue increase, supported by strong uranium market momentum. Denison Mines Corp followed with an 8% gain, bringing its one-year return to 69.8%, as the uranium-focused miner benefits from triple-digit revenue growth expectations for the coming year.
Gold and copper miners also featured prominently among top gainers. Southern Cross Gold Consolidated Ltd. advanced 8.5%, lifting its one-year return to 109.1% despite negative earnings and trading above its 52-week high. Amerigo Resources Ltd climbed 6.3%, extending its one-year gain to 293.4% as copper prices remained elevated.
In financials, The Bank of Nova Scotia (Scotiabank) led sector gains with a 6.9% increase, closing at a market capitalization of C$146.64 billion. The bank’s rise followed a quarterly earnings beat, with third-quarter earnings per share and revenue exceeding analyst expectations. Scotiabank also reported strong performance in wealth management and capital markets, while maintaining a 4.9% dividend yield.
Sector sentiment in uranium received further support after IsoEnergy Ltd. resumed coverage with a C$19 price target and a Buy rating. Meanwhile, NexGen Energy Ltd. rose on reports of ongoing discussions with BHP regarding potential involvement at the Rook I uranium project under construction.
The broader TSX advance reflected a combination of commodity price strength and positive corporate earnings, with resource-heavy equities outperforming amid elevated industrial demand for uranium and base metals.
