$CS.TO

TSX Closer: The Index Posts a Fresh Record Close; Morningstar On Best- and Worst-Performing Canada Stocks

The resources-heavy Toronto Stock Exchange closed at a fresh record high on Tuesday, boosted by higher commodity prices and confidence the equity market fundamentals in place for most of the last two months will continue.The S&P/TSX Composite Index closed up 434.57 points, or 1.25%, to 35,169.46, with most sectors higher. The prior record close of 34,830 was set on May 25.The index was led higher by Base Metals, up 4%, followed by the Battery Metals Index, up 2.7%, and then Energy, up 2.4%. In contrast, Health Care was down 1.2% and Telecom down near 0.75%.According to FactSet the TSX was, going in to today, up 10.91% from its 2026 closing low of 31,317.41 hit Friday, March 20, and year to date up 3,022.13 points or 9.53%.Morningstar Canada published a note entitled 'Best- and Worst-Performing Canadian Stocks' in which it notes The Morningstar Canada Large-Mid Cap Index rose 2.35% in May, amid a rally in the communication-services sector. The index tracks the top 90% of the Canadian investable universe by market cap, and each month, Morningstar screens it for the best- and worst-performing companies.Among the best performing stocks of May 2026, Morningstar cited Capstone Copper (CS.TO), HudBay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Air Canada (AC.TO) and Lundin Mining (LUN.TO).Among the worst performing stocks of May 2026, it cited Stantec (STN.TO), GFL Environmental (GFL.TO), Element Fleet Management (EFN.TO), Energy Fuels (EFR.TO) and WSP Global (WSP.TO).Of commodities, gold was higher late afternoon Tuesday, but fell back from early highs as the dollar rose. Gold for July delivery was last seen up US$11.30 to US$4,517.60 per ounce, after earlier touching $4,571.30.Also, West Texas Intermediate crude oil closed higher, rising off session lows following reports Iran is considering a new U.S. peace deal to end the war, a day after prices surged after the two sides appeared to be on the brink of resuming hostilities. WTI crude oil for July delivery closed up $1.60 to settle at US$93.76 per barrel, after earlier touching US$90.12. August Brent oil was up US$1.01 to US$95.99.

TSX Closer: The Index Edges Down, But Still Near Its Record Close As CIBC Flags Its Top 10 Best Ideas For June

The Toronto Stock Exchange succumbed to some late selling pressure Monday on some profit taking as it trades shy of the record close it a week ago, while CIBC said it continues to retain an upside bias for equities through early to mid summer and picked out its 10 'Best Ideas' for June.The S&P/TSX Composite Index closed down 34.25 points, or 0.1%, to 34,734.89, leaving it about 100 points shy of last Monday's record finish of 34,830. Most sectors were higher, led by Info Tech, up 6%, and then Base Metals, up 2.6%, and Energy, up 2.1%. In contrast, Financial was down 1.3% and Utilities was 0.5% lower.CIBC published its Top-10 Best Ideas for June, while noting its best ideas for the month of May returned 2.28% and marginally trailed the benchmark by six basis points. Year to date, CIBC's monthly recommended baskets have returned 15.32%, reflecting 571 bps of alpha over the benchmark TSX index. Comparatively, the TSX and SPX indices have returned 9.61% and 10.8% respectively, it noted.The following represent CIBC's top-10 best ideas for the month of June: Brookfield Renewable (BEP-UN.TO), Brookfield Infrastructure (BIP-UN.TO), Capital Power (CPX.TO), Celestica (CLS.TO), Constellation Software (CSU.TO), Capstone Copper (CS.TO), Lundin Mining (LUN.TO), Linamar (LNR.TO), Keyera (KEY.TO), and TFI International (TFII.TO).CIBC said: "As we head into the summer months, equity markets continue to show resilience on the surface and are still being driven by momentum. Indices are at new price discovery highs and climbing the wall of worry, while trends are looking good and remain intact. The same quantitative and technical signals that have worked from the March lows continue to reward investors -- momentum is doing what momentum tends to do, which is to build upon itself and force buyers in."That said, beneath the surface, not much has changed from a breadth perspective -- still mediocre. The magnitude of the recent narrow sector concentration in mega-cap technology remains dominant, but with some spillover effects in broader technology sub-sectors with AI-related tailwinds, technology may be broadening out internally (hardware, memory, semis, cyber, clouds, and even software now). U.S. technology did all the heavy lifting this past month -- technology and its sub-sectors are the only ones that are mostly populating our leadership rotation quad. Given the one- and three-month timespans of the relative-strength leadership in technology (within quad 1), it would be reasonable to suggest that the next bigger development may be about transitioning into a lower quad (quad 3, consolidation). This may set the stage for the market to begin to shift its character throughout the summertime, moving away from simple "beta-chasing" and back toward a "late-cycle"-like rotation environment, arguably similar to late Q4/25 and early Q1/26. This does not imply an imminent negative reversal. If breadth-broadening can begin to emerge, uptrends may establish better durability. Otherwise, indices may lose trend and get stuck in a range."CIBC noted at the start of the year, it used its price discovery framework to calculate a trading range for the S&P 500 index between a lower band of 7,490 and an upper band of 7,790 for 2026. With the index now around 7,580, approaching the upper end of that range, completing what was previously a measured move calculation, the bank said. This doesn't end the bull trend, but it does mean risk reward for chasing upside has become less attractive at current levels, it added."Overall, we remain cautiously constructive on risk assets and continue to retain an upside bias for equities through early to mid summer, supported by the recent solid Q2 earnings growth trends. However, once again, beneath the surface, breadth conditions are not yet showing affirmative follow-through expansion as leadership remains increasingly narrow and concentrated within the same group of stocks, and trading volumes are historically thinner in summertime which may reduce liquidity and force volatility. In our opinion, the dominant leading factors like Growth, Beta, and Momentum are likely to cool as the market transitions into a consolidation phase (quad 3) throughout summertime."It is for the above mentioned reasons that we continue to favour a balanced, barbell style with directional setups for our recommended portfolio selections throughout the summer months, rather than chasing beta."Of commodities, gold fell off a two-week high by midafternoon Monday as the dollar rose after fresh attacks between the United States and Iran boosted oil prices, reviving inflation worries. Gold for July delivery was down US$81.70 to US$4,511.30 per ounce, after rising to a highest since May 14 on Friday.But West Texas Intermediate crude oil surged 5.5%, climbing off a six-week low on heightened tensions between Iran and the U.S., dimming expectations for a peace deal in a war now entering its fourth month that has caused the largest-ever oil supply shock. The July WTI Crude Oil Contract closed up US$4.80 to settles at US$92.16 per barrel, while August Brent oil rose US$3.86 to US$94.88.

Capstone Copper Maintained at Neutral at CIBC After Q1 Results; Price Target Raised to C$16.00

CIBC Capital Markets maintained its neutral rating on the shares of Capstone Copper (CS.TO) while raising its price target to C$16.00 from C$15.50 following the company's first-quarter results."After incorporating Q1/26 financial and operational results, potential cost impacts, and updated year-end mineral reserves, we are raising our Price Target to C$16.00 from C$15.50, and reiterating our Neutral rating. Overall, our NAVPS has declined slightly to $9.23 from $9.86. Similarly, our FY26E SCFPS has decreased to $1.01 from $1.22, and our FY26E EBITDA is now $1,445M, down slightly from $1,447M. Additionally, we modestly increased our P/NAV multiple from 0.9x to 1.0x to account for the expected production growth and leverage to copper prices. We also increased our P/SFCF and EV/EBITDA multiples from 8.0x to 10.0x, reflecting the long-life nature of the company's core operations," analyst Anita Soni wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $15.48, Change: $+0.47, Percent Change: +3.13%

Copper Prices Ease on Middle East Uncertainty and China Data, RBC notes; Also Noting Related Earnings Here In Canada

Copper prices eased slightly to US$5.90 per pound over the past week as the market continues to digest conflicting signals between Middle East tensions and upbeat factory data in China, RBC Capital Markets noted in a note dated May 4.RBC noted the International Copper Study Group estimated a supply surplus of 276,000 tonnes in February, compared to a surplus of 34,000 tonnes in the previous month. But Chinese inventories have declined since then on what appears to be stronger demand.On the M&A front, RBC also noted, mining dealmaking is "heating up", hitting $21.6 billion in the first quarter, the strongest start to the year since 2023, as capital flows toward assets that secure reliable supply of critical minerals in stable jurisdictions (citing mining.com)."With metals prices remaining elevated, we expect consolidation to continue in the sector," RBC said.Meanwhile, RBC noted earnings season is well underway, with FM, CS, and HBM having reported last week. The bank said cost pressures were in focus with both FM and CS flagging potential for cash cost increases of roughly 10% from higher fuel prices. IVN, LUN, and NEXA report earnings on Wednesday after markets close, it added.Price: $31.49, Change: $+0.45, Percent Change: +1.45%

Capstone Keeps Outperform, Target Eased To C$14 From $15 at National Bk Which Cites "Modest Target Reduction Accounting for Sulphuric Acid Cost Pressures"

Capstone Keeps Outperform, Target Eased To C$14 From $15 at National Bk Which Cites "Modest Target Reduction Accounting for Sulphuric Acid Cost Pressures"

Capstone Copper Maintained at Buy at TPH Following Q1 Results; Price Target Kept at C$20.00

Stifel Canada on Thursday maintained its buy rating on the shares of Capstone Copper (CS.TO) and its C$20.00 price target following first-quarter results from the Brazilian miner."Capstone reported Q1/26 adjusted EPS of $0.12 vs. our $0.10 (consensus: $0.11) and adjusted EBITDA of $329Mln vs. our $263Mln (consensus: $291Mln) on copper production of 48.0Kt vs. our 39.3Kt at C1 cash cost of $2.66/lb vs. our $2.81/lb. The stronger Q1/26 was driven by post-strike Mantoverde operating above design throughput and stronger by-product credits, offsetting higher tax expense. FY26 guidance was reiterated including consolidated copper production of 200-230Kt at $2.45-2.75/lb C1 cash cost, with management flagging higher diesel and sulphuric acid prices as Middle East-driven cost headwinds put upward cost pressure on sulphide and acid-consuming oxide production. We estimate $64Mln or 5.9% EBITDA downside on uncontracted acid exposure at spot acid prices ($425+/t) excluding offsetting tailwinds of stronger copper and by-product prices (silver, gold, molybdenum). MVO remains on-plan with $176Mln capex unchanged and 45Ktpd throughput targeted by early-2027; Santo Domingo FID timing was tightened to Q4/26 (from H2/26)," analyst Ralph Profiti wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $11.25, Change: $+0.40, Percent Change: +3.74%

Capstone Copper Q1 Profit Jumps Nearly 12-Fold, Beats Estimates On Higher Copper Prices

Capstone Copper (CS.TO) after the close Wednesday reported a nearly 12-fold surge in first-quarter adjusted net income as higher copper prices boosted earnings, with results topping analysts' estimates.The company posted record adjusted net income attributable to shareholders , excluding most one-time items, of US$94.8 million, or US$0.12 per share, up from US$8.1 million, or US$0.01 per share, a year earlier. The result exceeded FactSet analysts' estimate of US$0.11 per share.Capstone said the increase was driven by stronger earnings from mining operations, supported by higher realized copper prices.Revenue for the three months ended March 31 rose to US$652.5 million from US$533.3 million in the prior-year period, beating FactSet analysts' estimate of US$647.5 million.The company also reported record adjusted EBITDA of US$329.1 million for Q1 2026, up from US$179.9 million a year earlier, primarily due to higher realized copper prices, which rose 36% to US$5.92 per pound, and supported by stronger gold and silver prices. This marked the sixth consecutive quarter of record adjusted EBITDA, the company said.In its 2026 production outlook, the company issued guidance of 200,000 to 230,000 tonnes of copper and C1 cash costs guidance of $2.45 to $2.75 per payable pound of copper remains unchanged. 2026 capital expenditure, capitalized stripping, and exploration expenditure guidance is also unchanged."We continue to monitor and manage the impacts stemming from the conflict in the Middle East. To date we have not experienced any inventory or operational impacts, however cost pressures, notably from higher diesel and sulphuric acid prices, represent a headwind," Capstone said.The company said its MV Optimized Project progressed according to plan during Q1 2026 and the capital cost estimate of US$176 million is unchanged. MV Optimized is a capital-efficient brownfield expansion project providing incremental copper and gold production of approximately 20,000 tonnes and 6,000 ounces of gold per annum, respectively."For the remainder of 2026, we are focused on operational execution and continuing to advance our high-return organic growth opportunities, including executing the Mantoverde Optimized Project, advancing Santo Domingo to a sanctioning decision, and progressing our exploration strategy centered around district-scale growth. Despite recent geopolitical volatility, copper prices remain strong and fundamentals support continued momentum, reinforcing our ability to deliver significant value through our peer-leading growth pipeline," chief executive Cashel Meagher said,Company's shares closed down $0.21 to $10.84 on Toronto Stock Exchange.

Earnings Flash (CS.TO) Capstone 2026 Production Guidance of 200,000-230,000 Tonnes Copper and C1 Cash Costs Guidance of US$2.45-$2.75 Per Payable Pound Unchanged

Earnings Flash (CS.TO) Capstone Copper Reports Record Adjusted Net Income Attributable to Holders of US$94.8M, or $0.12 Per Share for Q1 2026

Copper Equities Down 5.5% Week over Week, RBC Says

Copper equities fell 5.5% over the past week driven by a pullback in gold, a firming U.S. dollar, and a sharp oil rally, as markets digest the spillover effects of the war in Iran, RBC Capital Markets said Monday.Sulfuric acid availability remains in focus as China plans to halt acid exports in May to prioritize domestic fertilizer and battery production. Prices are reaching about $1,000 per tonne, threatening leaching operations that represent 20% of global copper output, while operations in the Democratic Republic of Congo rely primarily on Middle Eastern acid.Ivanhoe Mines (IVN.TO) stands out as a clear beneficiary of this acid supply squeeze, with the newly commissioned Kamoa-Kakula smelter producing 1,200 tonnes per day of acid that could generate over $400 million in annual byproduct revenues at spot prices.Capstone Copper (CS.TO) and Lundin Mining (LUN.TO) face potential cost headwinds from theirChilean leaching operations, although local supply chains and term contracts could provide insulation in the near term, RBC said.Price: $78.52, Change: $-3.72, Percent Change: -4.52%