A sharp intraday decline in metals and crude oil prices, coupled with hotter-than-expected U.S. wholesale inflation data, weighed on the Canadian equities market on Thursday as it posted its biggest single-day decline in over five weeks. The S&P/TSX Composite Index plunged by 247 points, or 1%, to settle at 25,411, its lowest closing level since November 27.
Despite a minor recovery in the healthcare sector, heavy losses in mining, energy, and technology stocks dragged the TSX, highlighting the market’s sensitivity to important economic data and commodity price swings.
Top TSX Composite movers and active stocks
After gold spot prices fell 1.4% in a day, mining stocks such as Equinox Gold, New Gold, NovaGold Resources, and First Majestic Silver dropped by at least 6.8% each during the session, making them the worst-performing TSX stocks.
Despite the market selloff, shares of Empire Company (TSX: EMP.A) inched up by 5.2% to $45.28 per share after its third-quarter sales and earnings beat lifted investors’ confidence. In the quarter that ended in September 2024, the Stellarton-based food retailing firm’s total revenue rose 11.7% year over year to US$2.07 billion with the help of improved store performance and strong growth in Own Brands.
Although macroeconomic challenges affected its profitability, Empire Company’s cost-saving measures in the Voilà business and supply chain optimization drove its adjusted quarterly earnings up by 1.4% from a year ago to US$0.74 per share, surpassing Street analysts’ expectations. On a year-to-date basis, Empire Company stock now trades with 29.2% gains.
Bombardier, Transcontinental, and Bausch Health Companies were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 2.6%.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, Cenovus Energy, Telus, and Manulife Financial stood out as the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed early Friday morning, pointing to a flat opening for the resource-heavy main TSX index today.
While no major economic or corporate events are due today, investors may remain cautious as the market awaits the U.S. Federal Reserve’s interest rate decision due next week, which could set the tone for stock markets heading into the year-end.
Overall, the TSX Composite seems on track to end its five-week winning streak as it currently trades with 1.1% week-to-date losses.
Market movers on the TSX today
