The Canadian stock market went sideways on Tuesday as investors continued to assess the potential impact of U.S. steel and aluminum tariffs while weighing the benefits of rising commodity prices and potential interest rate cuts. The S&P/TSX Composite Index ended the volatile session at 25,632, with a minor 27-point decline from its previous closing.
Despite continued strength in technology and energy stocks, heavy losses in other key sectors like mining, real estate, and healthcare pressured the TSX benchmark.
Top TSX Composite movers and active stocks
Parkland (TSX:PKI) surged 13% to $37.86 per share, making it the top-performing TSX stock for the day. This rally in PKI stock came after a court ruled that Simpson Oil is no longer bound by voting restrictions in its governance agreement.
The decision reduces uncertainty around Parkland’s ownership structure and could allow Simpson Oil to play a bigger role, potentially driving strategic changes. Investors may have also welcomed Parkland’s reaffirmation of its long-term strategy and shareholder focus. PKI stock is now up 16.5% on a year-to-date basis and offers a 4.2% annualized dividend yield.
Brookfield Business Partners, Jamieson Wellness, and Imperial Oil were also among the top gainers on the Toronto Stock Exchange, with each climbing by at least 3.4%.
Shopify (TSX:SHOP) rose 2.9% after announcing a 31.2% year-over-year jump in its fourth-quarter revenue to US$2.8 billion. Operational efficiency and higher merchant adoption of Shopify’s platform also drove its quarterly operating profit up by over 60% from a year ago to US$465 million, boosting investors’ confidence. Over the last year, SHOP stock has risen 45%.
Ero Copper, Hudbay Minerals, First Quantum Minerals, and Orla Mining dived by at least 4.7% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s daily trading volume data, Enbridge, Suncor Energy, TD Bank, Veren, and Bank of Nova Scotia stood out as the five most active stocks.
TSX today
Commodity prices were broadly weaker early Wednesday morning, which could pressure the resource-heavy main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor U.S. consumer inflation data and the Federal Reserve Chair Jerome Powell’s remarks about interest rates this morning.
On the corporate events front, several TSX-listed companies, including SmartCentres REIT, Waste Connections, Killam Apartment REIT, Choice Properties REIT, H&R REIT, Kinross Gold, West Fraser Timber, Russel Metals, Precision Drilling, Sun Life Financial, Restaurant Brands, Barrick Gold, and Brookfield Asset Management, will release their latest quarterly earnings reports today, which will keep their stocks in focus.
Market movers on the TSX today
