Canadian stocks continued to decline for the third consecutive session on Wednesday, even though the Bank of Canada slashed the policy rate by 50 basis points to 3.75%. The rate cut apparently failed to lift investors’ sentiment as concerns about a sluggish economy lingered. As a result, the S&P/TSX Composite Index dived by 143 points, or 0.6%, to settle at 24,574.
Although the rate cut announcement led to renewed buying in some consumer cyclical stocks, all other key market sectors, including technology and healthcare, pressured the TSX benchmark. In addition, an intraday pullback in commodity prices added to the downward pressure on resource-heavy sectors.
In its latest policy statement, the Canadian central bank highlighted several key challenges facing the economy, like a soft labour market, elevated unemployment, and weak consumer spending — leading to heightened concerns about the overall economic outlook.
Top TSX Composite movers and active stocks
Seabridge Gold, BlackBerry, Denison Mines, and Energy Fuels were the worst-performing TSX stocks for the day, with each falling by at least 4.7%.
In contrast, Celestica (TSX:CLS) stock rose 2.6% to $79.47 per share as investors awaited its third-quarter earnings report which was released after the market closing bell. In the three months ended in September 2024, the Toronto-based engineering services firm’s revenue jumped 22.3% year-over-year to US$2.5 billion due to the robust performance of its connectivity and cloud solutions segment.
Similarly, Celestica’s adjusted quarterly earnings of US$1.04 per share not only reflected an outstanding 60% YoY increase but also exceeded the high end of its guidance range. For 2025, the company now expects revenue to grow to $10.4 billion, with earnings reaching $4.42 per share. Including the recent gains, CLS stock is up 105% year-to-date.
Equinox Gold and Restaurant Brands International also climbed by at least 2% each, positioning them among the session’s top performers on the Toronto Stock Exchange.
According to the exchange’s daily trade volume data, Royal Bank of Canada, Canadian Natural Resources, Enbridge, TC Energy, and TD Bank were the five most active stocks.
TSX today
After a decline in the previous session, commodity prices across the board were bullish early Thursday morning. This could lift the main TSX index at the open today, with expectations of strong gains in mining and energy stocks.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the monthly manufacturing, services, and new home sales data from the United States, which could give further direction to the market.
On the corporate events side, many TSX-listed companies like Teck Resources, Rogers Communications, FirstService, Advantage Energy, and Mullen Group will announce their latest quarterly earnings today.
Market movers on the TSX today
