The Canadian stock market rollercoaster continued on Wednesday as mixed corporate results, fluctuating commodity prices, and conflicting signals from the Fed’s meeting minutes kept investors cautious. After falling by more than 200 points in intraday trading, the S&P/TSX Composite Index recovered later in the volatile session to settle at 25,626 with a minor 33-point decline.
On the one hand, financials and technology stocks fell amid concerns over interest rates and future economic growth. On the other hand, strength in other key sectors like healthcare, consumer, and utilities helped limit broader market losses.
In its latest meeting, the Fed signalled rate cuts may come later than expected, emphasizing the need for more inflation progress before adjusting policy. The minutes also highlighted concerns that potential trade policy changes, including tariffs, could add upward pressure on inflation as businesses look to pass on higher costs to consumers.
Top TSX Composite movers and active stocks
Hudbay Minerals (TSX:HBM) plunged 13.3% to $11.01 per share, making it the worst-performing TSX stock for the day. This selloff in HBM stock came after the Toronto-headquartered copper mining firm announced its worse-than-expected fourth-quarter results.
Last quarter, Hudbay’s revenue rose 21.7% year over year with the help of higher copper and record gold production. However, non-cash charges, including foreign exchange headwinds and write-offs of assets, drove its adjusted quarterly net profit down by 3.7% to US$68.7 million, missing Street analysts’ expectations. On a year-to-date basis, HBM stock is now down nearly 6%.
Gibson Energy, Sandstorm Gold, and Ero Copper were also among the bottom performers on the Toronto Stock Exchange, with each diving by more than 5%.
On the flip side, SSR Mining, AtkinsRéalis, Gildan Activewear, and North West Company climbed by at least 3.8% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Enbridge, Canadian Natural Resources, Manulife Financial, Hudbay Minerals, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Metals prices were largely bullish early Thursday morning, which could lift TSX mining stocks at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the U.S. monthly manufacturing, weekly jobless claims, and crude oil stockpile data this morning.
On the corporate events front, several TSX-listed companies, including Lundin Gold, Boardwalk REIT, Centerra Gold, Altus, IAMGOLD, Eldorado Gold, TransAlta, First Majestic Silver, Loblaw, Cenovus Energy, Hydro One, Teck Resources, and Cameco, are likely to release their latest earnings reports today, which will keep these stocks in focus.
Market movers on the TSX today
