The selloff in Canadian stocks intensified on Tuesday as investors weighed the impact of U.S. trade tariffs and Canada’s response measures on the broader economy. As markets sought safety in defensive sectors, the S&P/TSX Composite Index plunged by 430 points, or 1.7%, to 24,472 — posting its biggest single-day decline in over 10 weeks to settle at its lowest level in two months.
Although real estate and utilities stocks continued to attract buying interest as investors shifted towards safer assets, heavy losses in financial, technology, and industrial stocks pulled the broader market sharply lower.
Top TSX Composite movers and active stocks
Aritzia, iA Financial, Brookfield Asset Management, and Brookfield were the worst-performing TSX stocks for the day, with each diving by at least 5.4%.
Moving against the broader market selloff, Pet Valu Holdings (TSX:PET) stock jumped by over 11% to $ 26.82 per share, making it the day’s top-performing TSX stock. This rally in PET stock came after the Markham-headquartered pet food and supplies retailer released its better-than-expected fourth-quarter earnings.
In the December quarter, Pet Valu’s revenue rose 2.9% year-over-year to $295.1 million, driven by higher franchise and other revenues despite a 0.2% same-store sales decline. Although higher costs and lower share-based compensation adjustments trimmed its profits, its adjusted quarterly earnings figure of $0.45 per share still exceeded Street analyst expectations of $0.40 per share. PET stock is now up 6.3% year to date.
Energy Fuels, Interfor, and Kinross Gold were also among the session’s top gainers on the Toronto Stock Exchange as they climbed by over 3% each.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Manulife Financial, Enbridge, and Veren were the five most active stocks on the exchange.
TSX today
While crude oil prices tanked sharply in early trading on Wednesday, silver and copper prices witnessed significant gains. Given these mixed signals in commodity markets, the commodity-heavy TSX index could see a volatile open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest U.S. non-farm employment change and non-manufacturing purchasing managers index data this morning. In addition, any progress or setbacks in U.S.-Canada trade negotiations could further sway market sentiment.
On the corporate events front, several TSX-listed companies, including Parkland, Vermilion Energy, Tourmaline Oil, Athabasca Oil, South Bow, Badger Infrastructure, Aecon Group, Descartes Systems, and Fortuna Silver Mines, will announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
