Canadian stocks started the new week on a dismal note due largely to soaring treasury bond yields and an intraday decline in precious metals and crude oil prices. The S&P/TSX Composite Index slipped by 69 points, or 0.4%, on Monday to settle at 19,047, posting losses for the fourth session in a row.
Top TSX Composite movers and active stocks
Shares of Dye & Durham (TSX: DND) tanked by 13.5% yesterday to $9.37 per share, making it the worst-performing TSX Composite component for the day. This selloff in DND stock came after the Toronto-headquartered software company last week announced measures to improve its balance sheet flexibility by reducing its convertible debt.
Dye & Durham plans to reduce its 2026 convertible debenture balance by $95 million and will issue a new $85 million convertible debenture due in November 2028. With this strategy, the company aims to strengthen its long-term capital structure. However, the move seemingly disappointed investors, leading to a selloff in Dye & Durham’s share prices. On a year-to-date basis, DND stock is now down around 43%.
Lithium Americas (Argentina), Lithium Americas, NorthWest Healthcare Properties REIT, and Torex Gold Resources were also among the bottom performers on the Toronto Stock Exchange, plunging by at least 4.7% each.
On the flip side, Centerra Gold and Brookfield Renewable Partners climbed by at least 3.6% each, making them the top-performing TSX stocks for the day.
According to the exchange’s daily volume data, TC Energy, Enbridge, Suncor Energy, Toronto-Dominion Bank, and Power Corporation of Canada were the five most active stocks.
After consistently rallying for several days due mainly to the ongoing geopolitical tensions in the Middle East, gold and crude oil prices eased sharply on Monday. Most commodity prices, however, were mixed in early Tuesday morning trading, pointing to a flat open for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to watch the services purchasing managers index data from the United States this morning.
On the corporate events side, large TSX-listed companies like Teck Resources, Canadian National Railway, and First Quantum Minerals are expected to announce their latest quarterly results on October 24. These corporate results and commodity market volatility are likely to guide the main TSX index today, as investors await the Bank of Canada’s interest rate decision due tomorrow.