The Canadian stock market fell sharply on Friday as declines in commodity prices, weaker-than-expected corporate earnings, and concerns about escalating global trade tensions took a toll on investor sentiment. The S&P/TSX Composite Index plunged by 367 points, or 1.4%, to settle at 25,147 — marking its biggest single-day percentage decline since December 18.
Despite renewed buying in healthcare and utility stocks, heavy losses in other key sectors, such as mining, technology, and energy, dragged the index lower.
Top TSX Composite movers and active stocks
Shares of IAMGOLD (TSX: IMG) dived by nearly 9% to $8.16 per share, making it one of the worst-performing TSX stocks. This selloff in IMG stock came a day after the Toronto-based gold producer announced its lower-than-expected fourth-quarter earnings.
In the quarter ended December 2024, IAMGOLD’s total revenue rose 57.9% year over year to US$469.9 million with the help of stronger production. While higher average realized gold price also pushed its adjusted quarterly earnings up by 66.7% from a year ago to US$0.10 per share, this figure missed Bay Street analysts’ expectations. Despite recent declines, IMG stock is still up 10% on a year-to-date basis.
Falling metals prices also drove other mining stocks like Ivanhoe Mines, First Quantum Minerals, Eldorado Gold, and Fortuna Mining down by over 8% each, positioning them among the day’s bottom performers on the Toronto Stock Exchange.
On the flip side, Tilray Brands and StorageVault Canada were the session’s top-performing TSX stocks with each climbing by at least 7.2%.
Based on their daily trade volume, Enbridge, Cenovus Energy, B2Gold, Manulife Financial, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
After declining sharply in the previous session, crude oil and metals prices extended their losses in early trading on Monday, which could pressure the commodity-heavy TSX index at the open today.
While no major economic releases are due, Canadian investors may remain cautious as they await updates on the ongoing U.S.-Canada trade negotiations and their potential impact on key industries.
On the corporate events side, the TSX-listed GFL Environmental, Spin Master, and InterRent Real Estate Investment Trust are expected to announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
