Canadian equities tanked sharply on Thursday as escalating global trade tensions and a broad-based selloff in commodities weighed heavily on investor sentiment. The S&P/TSX Composite Index plunged by 971 points, or 3.8%, to settle at 24,336 — marking its worst single-day decline since March 2020.
While some consumer staple and utility stocks managed to limit their losses due to their defensive nature, the overall market was dragged down by steep declines in sectors like technology, healthcare, and energy.
Investors fear that Trump’s recent tariffs on imports from most major trading partners, including a 25% levy on foreign-made vehicles, could trigger a new wave of retaliation, further hurting global trade and economic growth.
Top TSX Composite movers and active stocks
Aritzia, Shopify, Celestica, and Capstone Copper led the TSX laggards for the day, each plunging by 15% or more.
On the flip side, Lundin Gold, Hydro One, Loblaw Companies, and Telus climbed by at least 2.3% each, making them the session’s top-performing TSX stocks.
Despite the broader market selloff, Dollarama (TSX:DOL) also traded positively after announcing its upbeat fourth-quarter results for its fiscal year 2025 (ended in January). The Canadian discount retailer reported a 14.8% year-over-year jump in its fourth-quarter sales and a 4.9% rise in same-store sales, driven by strong demand for consumables and seasonal items.
Similarly, Dollarama’s quarterly profits climbed, with adjusted earnings rising 21.7% from a year ago to $1.40 per share, with the help of lower logistics costs. Dollarama also raised its quarterly dividend by 15%, signalling confidence in its cash flow and growth prospects. On a year-to-date basis, DOL stock is now up 14%.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, TC Energy, Manulife Financial, and Baytex Energy were the five most active stocks on the Toronto Stock Exchange.
TSX today
After tumbling by around 5.8% in the previous session, West Texas Intermediate crude oil futures prices fell by over another 5% in early Friday trading. At the same time, silver and copper prices also dived in early trading. With broad-based commodity weakness continuing and no resolution in sight on the trade front, the TSX could extend its decline into today’s session.
Besides important jobs reports from Canada and the United States, the Federal Reserve chair Jerome Powell’s speech on the economic outlook this morning will be closely watched by TSX investors for any hints on the future path of interest rates. Mainly, market participants will be looking for reassurance amid growing fears of a global slowdown driven by trade tensions and collapsing commodity prices.
Market movers on the TSX today
