Canadian equities started the new week on a negative note after the Bank of Canada governor Tiff Macklem highlighted that economic risks still persist, citing weaker economic growth, elevated wage pressures, and potential U.S. trade tariffs as uncertainties. These comments, coupled with investors’ anxiety about the U.S. Federal Reserve’s upcoming policy decision, dragged the S&P/TSX Composite Index down by 127 points, or 0.5%, on Monday to 25,147, extending its three-session losses to 2%.
While all key TSX sectors ended the session with losses, mining, energy, and healthcare stocks led the market selloff as commodity prices continued to struggle amid concerns about global demand.
Top TSX Composite movers and active stocks
BCE, Baytex Energy, Rogers Communications, and Algoma Steel were the worst-performing TSX stocks for the day, with each diving by at least 4.4%.
In contrast, BlackBerry (TSX: BB) jumped by 15% to $4.40 per share following the announcement that the American cybersecurity firm Arctic Wolf Networks will acquire its Cylance endpoint security business for US$160 million in cash and 5.5 million Arctic Wolf shares.
After the deal, which is expected to close by February 2025, BlackBerry will continue focusing on its Secure Communications portfolio and will resell Cylance to government clients. This acquisition news seemingly boosted BlackBerry investors’ confidence as it gives it liquidity and a stake in Arctic Wolf’s future growth. Despite the recent rally, BB stock is down 6.4% on a year-to-date basis as the company gears up to announce its November quarter results on December 19.
TransAlta, Aritzia, and Centerra Gold were also among the top gainers on the Toronto Stock Exchange yesterday as they climbed by at least 2.7% each.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, Enbridge, BCE, and BlackBerry were the five most heavily traded stocks on the exchange.
TSX today
Most commodity prices, especially natural gas, copper, and silver, continued to decline in early morning trading on Tuesday, pointing to a choppy start for the main TSX index as they add to pressure on energy and mining stocks.
In addition to the domestic consumer inflation report for November, Canadian investors may also want to keep an eye on the latest U.S. retail sales data this morning, which could give further direction to stocks. With growing speculation about the Fed’s rate decision and economic projections due tomorrow, stocks are likely to remain volatile.
Market movers on the TSX today
