How did Canada's stock market perform at the start of 2026?

Canada's main stock index, the TSX Composite, began 2026 with a positive gain, closing up 170.61 points on Friday.

Which companies saw significant stock increases on January 2, 2026?

Denison Mines and Energy Fuels, both uranium miners, experienced substantial stock increases due to project developments.

Home / Business and Economy / Uranium Miners Surge on Phoenix Project Launch

Uranium Miners Surge on Phoenix Project Launch

3 Jan

•

Summary

TSX Composite Index closed up 170.61 points on Friday.
Canadian manufacturing sector contracted for the 11th month.
Denison Mines shares jumped 13.7% on project launch news.

Uranium Miners Surge on Phoenix Project Launch

Canada's primary stock index, the S&P/TSX Composite Index, experienced a positive start to 2026, closing up 170.61 points on Friday, January 2. This rebound followed four previous sessions of declines and marked a 0.5% increase for the day. The index concluded 2025 with a significant 28.25% gain, its largest annual advance in 16 years, fueled by soaring gold prices, reduced borrowing costs, and optimism surrounding technology companies.

However, the domestic economic landscape presented challenges. The Canadian manufacturing sector contracted for the eleventh consecutive month in December, with output and new orders declining more steeply due to trade uncertainty. This contrasted with broader market sentiment, where analysts anticipate AI to remain a dominant theme, alongside a broader market expansion beyond the tech sector.

Despite a dip in oil prices, the energy sector saw a 1.8% rise, boosted by significant gains in uranium miners. Denison Mines shares surged 13.7% after announcing the readiness of its Phoenix ISR project, with Energy Fuels also experiencing a notable increase. While technology stocks fell 1%, other sectors like industrials, financials, and materials, including gold, also posted gains.