The week's top TSX resource stock was Vermilion Energy ($VET.TO), up 10.3% from the October 9 close to the October 16, 2026 close, while FireFly Metals ($FFM.TO) was the worst, down 16.0%, and Enbridge ($ENB.TO) was the most traded at about C$3.83 billion. Behind the leaderboard sat a clean split: oil producers rallied as FMP's WTI series rose 10.4% to US$101.41 a barrel, while miners slid with silver, copper and gold. Energy lines posted a median gain of 3.6%. Basic materials lines posted a median loss of 5.2%. It was a four-session week, because the TSX was closed for Thanksgiving on Monday, October 12.
Every number below comes from one screen, run the same way every week. If you want to rebuild it yourself, the step-by-step version is in our companion guide, how to find the week's top resource stocks.
The screen: 146 common-share lines, four sessions
The universe is FMP's company screener: TSX-listed stocks that FMP tags as Energy or Basic Materials with a market cap above C$1 billion, pulled October 19, 2026. That returned 156 lines. We cut nine preferred-share lines (Enbridge, TC Energy and Pembina prefs) and Teck's thinly traded Class A shares, keeping the Class B line, so each issuer counts once. That leaves 146 common-share lines: 51 energy, 95 materials.
Weekly change is the October 16 close divided by the October 9 close. Dollar volume is each day's close times shares traded, summed over October 13 to 16, in C$. Relative volume is this week's average daily volume divided by the average over the 19 sessions from September 15 to October 9. Sector labels are FMP's, not the TSX's.
Top 10 gainers: an oil-patch sweep
All ten gainers are energy names, and all are oil and gas producers or integrateds. Note the dollar-volume column: a 7.7% move in International Petroleum ($IPCO.TO) on C$17.7 million is a different animal from a 7.5% move in Canadian Natural ($CNQ.TO) on C$2.2 billion.
| Stock | Oct 9 close | Oct 16 close | Week | C$ dollar volume |
|---|---|---|---|---|
| Vermilion Energy ($VET.TO) | C$16.91 | C$18.65 | +10.3% | C$95.9M |
| Strathcona Resources ($SCR.TO) | C$40.03 | C$43.95 | +9.8% | C$124.8M |
| Baytex Energy ($BTE.TO) | C$6.87 | C$7.49 | +9.0% | C$156.6M |
| Whitecap Resources ($WCP.TO) | C$18.69 | C$20.17 | +7.9% | C$498.6M |
| Imperial Oil ($IMO.TO) | C$175.76 | C$189.48 | +7.8% | C$801.9M |
| International Petroleum ($IPCO.TO) | C$36.50 | C$39.32 | +7.7% | C$17.7M |
| Ovintiv ($OVV.TO) | C$91.16 | C$98.00 | +7.5% | C$78.9M |
| Canadian Natural ($CNQ.TO) | C$70.80 | C$76.10 | +7.5% | C$2,224.5M |
| Paramount Resources ($POU.TO) | C$32.10 | C$34.39 | +7.1% | C$42.9M |
| Suncor Energy ($SU.TO) | C$103.04 | C$110.25 | +7.0% | C$1,677.4M |
Top 10 decliners: uranium and small-cap metals
The losers' list is where the thin names live. Four of the ten traded less than C$6 million over the whole week, and PDI Gold ($PDI.TO) traded about C$0.7 million. Two uranium names, Energy Fuels ($EFR.TO) and Paladin Energy ($PDN.TO), sit near the top, and FMP files both under Energy, which drags that sector's median. We have not tied these moves to dated company releases, so we report them without a cause.
| Stock | Oct 9 close | Oct 16 close | Week | C$ dollar volume |
|---|---|---|---|---|
| FireFly Metals ($FFM.TO) | C$1.63 | C$1.37 | -16.0% | C$5.3M |
| Energy Fuels ($EFR.TO) | C$14.24 | C$12.01 | -15.7% | C$91.1M |
| Champion Iron ($CIA.TO) | C$2.76 | C$2.33 | -15.6% | C$10.0M |
| Paladin Energy ($PDN.TO) | C$8.54 | C$7.21 | -15.6% | C$7.3M |
| Ivanhoe Electric ($IE.TO) | C$14.47 | C$12.22 | -15.5% | C$2.8M |
| Americas Gold and Silver ($USA.TO) | C$6.22 | C$5.34 | -14.1% | C$24.3M |
| Lithium Argentina ($LAR.TO) | C$7.50 | C$6.54 | -12.8% | C$6.9M |
| Altius Minerals ($ALS.TO) | C$64.53 | C$56.56 | -12.4% | C$42.9M |
| PDI Gold ($PDI.TO) | C$4.60 | C$4.05 | -12.0% | C$0.7M |
| Talamore Mining ($TALA.TO) | C$7.87 | C$6.95 | -11.7% | C$4.2M |
Most traded by dollar volume: the pipelines and the majors
Ranked by C$ traded, the list is the TSX's resource heavyweights. These ten lines did C$14.9 billion of the C$27.2 billion traded across all 146, or 55%. Enbridge stands out: its average daily volume ran 2.34 times its prior baseline, on a stock that moved only 2.3%. Canadian Natural went the other way, gaining 7.5% at 0.48 times normal volume on FMP's figures.
| Stock | Week | C$ dollar volume | Relative volume |
|---|---|---|---|
| Enbridge ($ENB.TO) | +2.3% | C$3,834.0M | 2.34x |
| TC Energy ($TRP.TO) | +1.7% | C$2,471.5M | 1.00x |
| Canadian Natural ($CNQ.TO) | +7.5% | C$2,224.5M | 0.48x |
| Suncor Energy ($SU.TO) | +7.0% | C$1,677.4M | 0.76x |
| Cenovus Energy ($CVE.TO) | +4.3% | C$977.0M | 0.96x |
| Imperial Oil ($IMO.TO) | +7.8% | C$801.9M | 1.05x |
| Barrick Mining ($ABX.TO) | -1.3% | C$772.1M | 0.91x |
| Nutrien ($NTR.TO) | +4.7% | C$766.5M | 0.77x |
| Agnico Eagle ($AEM.TO) | -0.8% | C$713.6M | 0.77x |
| Pembina Pipeline ($PPL.TO) | +4.8% | C$697.8M | 0.97x |
Unusual relative volume: filter out the thin names first
Sorted raw, relative volume is a trap. The top three were FireFly Metals (3.35x), Paladin (2.74x) and Champion Iron (2.35x), and none traded more than about C$10 million all week. Before the cleanup, three preferred-share lines also made the raw top 10. Require at least C$20 million of weekly dollar volume and the list becomes usable:
| Stock | Week | Relative volume | C$ dollar volume |
|---|---|---|---|
| NexGen Energy ($NXE.TO) | -5.5% | 2.47x | C$186.7M |
| Enbridge ($ENB.TO) | +2.3% | 2.34x | C$3,834.0M |
| CES Energy Solutions ($CEU.TO) | +5.8% | 2.27x | C$93.3M |
| Coeur Mining ($CDE.TO) | -10.7% | 2.01x | C$82.2M |
| Energy Fuels ($EFR.TO) | -15.7% | 1.87x | C$91.1M |
| Neo Performance Materials ($NEO.TO) | -5.2% | 1.69x | C$49.1M |
| Vermilion Energy ($VET.TO) | +10.3% | 1.69x | C$95.9M |
| Kelt Exploration ($KEL.TO) | +2.9% | 1.60x | C$54.8M |
Energy vs. metals: the split, and the commodities behind it
Breadth was poor: 54 lines up, 92 down. But the damage was one-sided. Energy rose 45 to 6. Every one of its decliners was a uranium name except Athabasca Oil ($ATH.TO), down 0.6%. Athabasca is the target in a pending takeover: Cenovus agreed on October 5, 2026 to buy it for $12.00 a share, payable in cash and Cenovus stock, per Cenovus's release, so it trades on deal terms rather than on crude (background: the Cenovus-Athabasca deal). Materials fell 86 to 9.
| Group (FMP labels) | Lines | Median week | Up / down |
|---|---|---|---|
| Energy | 51 | +3.6% | 45 / 6 |
| Energy excluding uranium | 46 | +3.8% | 45 / 1 |
| Basic Materials | 95 | -5.2% | 9 / 86 |
| Oil and gas E&P | 27 | +5.4% | n/a |
| Uranium | 5 | -8.2% | 0 / 5 |
| Gold | 42 | -3.3% | n/a |
| Copper | 13 | -6.2% | n/a |
The commodity tape lines up with that split. From the October 9 close to the October 16, 2026 close, FMP's series show:
| Benchmark | Oct 9 | Oct 16 | Week |
|---|---|---|---|
| WTI crude (US$/bbl) | 91.85 | 101.41 | +10.4% |
| Natural gas (US$/MMBtu) | 3.220 | 3.116 | -3.2% |
| Gold (US$/oz) | 4,216.3 | 4,181.1 | -0.8% |
| Silver (US$/oz) | 61.05 | 57.31 | -6.1% |
| Copper (US$/lb) | 6.692 | 6.574 | -1.8% |
| Canadian energy ETF ($XEG.TO) | C$29.40 | C$31.24 | +6.3% |
| Gold-miner ETF ($XGD.TO) | C$56.45 | C$55.34 | -2.0% |
| Canadian materials ETF ($XMA.TO) | C$46.30 | C$44.99 | -2.8% |
| U.S. energy ETF ($XLE) | US$65.08 | US$68.24 | +4.9% |
| U.S. metals and mining ETF ($XME) | US$106.35 | US$100.92 | -5.1% |
| U.S.-listed gold-miner ETF ($GDX) | US$89.28 | US$87.71 | -1.8% |
Two things jump out. Oil is the only commodity in the set that rose, and it rose hard. And the miners fell more than their metals: gold slipped 0.8%, but the median gold-tagged stock lost 3.3%. That operating leverage cuts both ways. For the broader tape, see our Markets coverage or the latest on the Traders On Trend homepage.
Bull/Bear Verdict
Bull Case: The energy rally was broad, 45 of 51 lines higher, and it was led by liquid names. Imperial, Canadian Natural and Suncor each gained roughly 7% to 8% on C$800 million to C$2.2 billion of weekly trading, which is not a thin-stock fluke.
Bear Case: One commodity carried the whole board. A 10.4% week in WTI is a lot of weight for one input to carry; if crude gives it back, the leaderboard has little else under it. The materials side, 86 of 95 lines down, shows how quickly resource leadership can flip.
FAQ
What were the top TSX resource stocks for the week ended October 16, 2026?
By price change, Vermilion Energy (+10.3%), Strathcona Resources (+9.8%) and Baytex Energy (+9.0%), from the October 9 close to the October 16, 2026 close. By C$ dollar volume, Enbridge, TC Energy and Canadian Natural.
Why was it only a four-day week?
The TSX was closed for Thanksgiving on Monday, October 12, 2026, per the TSX trading calendar. U.S. markets were open, so New York-listed lines had five sessions.
Does this list include preferred shares?
No. Nine preferred-share lines from Enbridge, TC Energy and Pembina were removed, as was Teck's Class A line. The Class B line stayed, so each issuer appears once.
Where does the oil price figure come from?
It is FMP's WTI crude series, which closed at US$101.41 on October 16, 2026, up from US$91.85 on October 9. Brent and other benchmarks price differently.