Despite a record-breaking rally in gold prices and the Bank of Canada’s recent interest rate cut, the selloff in Canadian stocks resumed on Thursday after U.S. president Donald Trump threatened to impose a 200% tariff on French and European wines, champagnes, and other alcoholic products, reigniting global trade tensions. The S&P/TSX Composite Index dived by 220 points, or 0.9%, to settle at 24,203 — its lowest closing level since October 2024.
While a rally in metals prices pushed the shares of mining companies higher, heavy losses in other key market sectors, including technology, consumer cyclicals, and financials, added to investor uncertainty, extending the TSX’s recent losing streak.
Top TSX Composite movers and active stocks
Vermilion Energy, Tilray, Shopify, Cargojet, and goeasy plunged by at least 5.5% each, making them the worst-performing TSX stocks for the day.
Empire Company (TSX:EMP.A) also slid by 4.5% to $42.43 per share after announcing its quarterly financial results. In the quarter ended in January 2025, the Stellarton-based retailer’s revenue rose 3.1% year over year to $7.7 billion with the help of strong food retail sales.
Despite a 2.6% increase in its same-store food sales, Empire Company witnessed some margin pressure last quarter as its adjusted net profit fell 4.6% from a year ago to $146.1 million, missing Bay Street analysts’ expectations. Nevertheless, the company continues to focus on store renovations, digital expansion, and e-commerce partnerships to drive long-term growth. On a year-to-date basis, Empire stock is now down 3.3%.
In contrast, First Quantum Minerals, First Majestic Silver, Birchcliff Energy, and Algoma Steel were the day’s top-performing TSX stocks as they jumped by over 7% each.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Suncor Energy, Manulife Financial, and Veren were the five most active stocks on the exchange.
TSX today
Crude oil and base metals prices traded on a firm note, while most other commodities remained flat in early trading on Friday. Given these mixed signals, the TSX may struggle for direction at the open today as investors weigh commodity strength against ongoing trade risks and broader market weakness.
With no major domestic data releases scheduled today, the market’s direction will likely be driven by commodity price movements and new developments in global trade policy.
Market movers on the TSX today
