TSX Today: What to Watch for in Stocks on Monday, February 24

TSX investors may remain cautious as they await updates on the ongoing U.S.-Canada trade negotiations

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published February 24, 2025 9:00 am EST

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.