The Canadian stock market turmoil continued for a fourth straight session on Wednesday amid global trade tensions and shaky investor confidence as the U.S. went ahead with its higher tariff plan targeting Chinese imports. The S&P/TSX Composite Index fell by 353 points, or 1.5%, to settle at 22,507.
While all key market sectors ended the session with losses, the TSX selloff was mainly led by steep declines in healthcare, energy, and consumer cyclical stocks.
Although the broader market showed a minor recovery at the open, those early gains quickly faded as selling pressure intensified through the session with U.S. president Donald Trump escalating trade tensions by signing an executive order, sharply increasing tariffs even on low-value imports from China.
Top TSX Composite movers and active stocks
Shares of Tilray Brands (TSX:TLRY) tanked by 21% after it reported a steep net loss of nearly US$794 million for the February quarter. While the cannabis company’s revenue remained steady at US$186 million, investors seemed rattled by the large non-cash impairment charges driven by macroeconomic headwinds and a sharp drop in its market value.
Despite these setbacks, Tilray highlighted improved gross margins, strong international cannabis growth, and ongoing debt reduction as part of its long-term strategy. TLRY stock has now lost 35% of its value over the last month.
NovaGold Resources, Vermilion Energy, and Baytex Energy were also among the day’s bottom performers on the Toronto Stock Exchange, with each plunging by over 10%.
On the flip side, Kinaxis, IAMGOLD, and K92 Mining climbed by more than 2% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, TD Bank, TC Energy, Canadian Natural Resources, Cenovus Energy, and Baytex Energy were the five most active stocks on the exchange.
TSX today
Crude oil prices extended their decline for a sixth consecutive session early Wednesday, but metals prices witnessed a recovery. Given the divergence in commodity trends, sector performance on the TSX is expected to remain uneven at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the U.S. Fed’s latest meeting minutes today. As U.S. tariffs on most of its key trade partners, including China, take effect today, market sentiment is likely to remain fragile as investors await potential trade developments.
On the corporate events side, the TSX-listed North West Company and Cogeco Communications will release their latest quarterly earnings reports today.
Market movers on the TSX today
