Canadian equities started the new week with a selloff after U.S. president Donald Trump confirmed tariffs on all imports from Canada and Mexico, citing national security concerns over unchecked drug trafficking and illegal immigration. After ending the previous week with a 1% increase, the S&P/TSX Composite Index dived by 392 points, or 1.5%, on Monday to settle at 25,002 — marking its worst single-day performance since December 18.
While shares of some utility companies rose as investors sought safety in defensive market sectors, heavy losses in energy, healthcare, and technology stocks dragged the broader market lower as new tariffs amplified short-term risks for the Canadian economy.
Top TSX Composite movers and active stocks
Celestica, Veren, NexGen Energy, and Interfor were the worst-performing TSX stocks for the day, with each plunging by at least 8.9%.
Despite the broader market selloff, GFL Environmental (TSX: GFL) climbed by 3.3% to $67.49 per share, making it one of the top-performing TSX stocks. These gains in GFL stock came after the Vaughan-based firm completed the sale of its environmental services business for $8 billion.
Notably, GFL still retains a $1.7 billion equity interest in the business unit. The company plans to allocate up to $3.75 billion of the proceeds to repay debt and up to $2.25 billion for share repurchases, depending on market conditions. On a year-to-date basis, GFL stock is now up 5.3%.
Stella-Jones, Triple Flag Precious Metals, and Chartwell Retirement Residences were also among the top gainers on the Toronto Stock Exchange as they climbed by at least 2.7% each.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Manulife Financial, Enbridge, and Baytex Energy were the five most active stocks on the exchange.
TSX today
Although gold and silver prices inched up in early Tuesday trading, crude oil prices remained under pressure, signalling a potentially mixed open for the TSX today. The rise in precious metals could lend support to mining stocks, but ongoing concerns about the impact of U.S. tariffs on Canadian exports may weigh on trade-sensitive sectors like energy, industrials, and manufacturing.
In another major trade-related development, Prime Minister Justin Trudeau condemned the U.S. decision to impose 25% tariffs on Canadian exports and 10% on energy, calling them “unjustified.” He noted that in response, Canada will impose 25% tariffs on $155 billion of U.S. goods, starting with $30 billion immediately and the rest in 21 days if U.S. tariffs remain.
On the corporate events side, many TSX-listed companies, including Baytex Energy, NexGen Energy, Pet Valu, and Advantage Energy, will release their fourth-quarter earnings reports on March 4, which will be closely watched by investors.
Market movers on the TSX today
