The Canadian equity market started the new week on a slightly negative note as a sharp drop in crude oil and precious metals prices weighed on commodity-linked stocks. Despite crossing the 25,500 level for the first time in intraday trading, the S&P/TSX Composite Index settled with a minor 34-point loss at 25,410, ending a five-day winning streak.
On the one hand, many key sectors, including real estate, technology, and consumer cyclicals, inched up. On the other hand, shares of energy and mining companies saw notable declines, pulling the broader index lower.
Top TSX Composite movers and active stocks
Torex Gold Resources, IAMGOLD, New Gold, and NexGen Energy were the worst-performing TSX stocks for the day, with each sliding by at least 5.8%.
On the flip side, shares of CI Financial (TSX:CIX) skyrocketed by 30% to $31.22 per share, extending its year-to-date gains to nearly 110%. This rally in CIX stock started after the Toronto-based asset and wealth management firm announced a definitive agreement to be taken private by Mubadala Capital in an all-cash deal valued at $32.00 per share, representing a 33% premium to its last closing price.
The transaction values CI’s equity at $4.7 billion and its enterprise at $12.1 billion. CI Financial expects that Mubadala’s investment will provide it with the stability needed to grow its wealth and asset management business while keeping its headquarters and operations in Canada. The deal, which CI’s special committee has already approved, is expected to close in the second quarter of 2025 after getting regulatory and shareholder approvals.
BlackBerry, Interfor, Colliers International, and West Fraser Timber were also among the top performers on the Toronto Stock Exchange as they surged by at least 5.5% each.
Based on their daily trade volume data, Canadian Natural Resources, Suncor Energy, Manulife Financial, Enbridge, and Barrick Gold stood out as the five most active stocks on the exchange.
TSX today
After tanking sharply in the previous session, commodity prices were largely mixed in early morning trading on Tuesday, pointing to a flat open for the resource-heavy TSX index today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important U.S. consumer confidence and new home sales data this morning. This could provide insights into the state of the U.S. economy and shape investor sentiment, especially in sectors like real estate and consumer cyclicals.
Market movers on the TSX today
