Canadian stocks turned negative on Wednesday after profit-taking emerged across several heavyweight sectors as investors took a breather following their longest winning streak since October 2021. The S&P/TSX Composite Index slipped 216 points, or 0.8%, to close at 25,839 — snapping a 10-session winning streak while still holding near record highs.
Even as surging metals prices drove metals and mining stocks higher, heavy losses in other key sectors like healthcare, technology, and real estate dragged the TSX lower for the day.
Top TSX Composite movers and active stocks
ATS, Colliers International, Premium Brands, and CAE dived by at least 5% each, making them the day’s worst-performing TSX stocks.
In contrast, NGEx Minerals (TSX: NGEX) rallied by nearly 16% to $14.12 per share, making it the top-gaining TSX stock. This rally in NGEX stock came after the Vancouver-based miner announced a major copper-gold discovery at its Lunahuasi project in Argentina.
NGEx said that a drill hole revealed 1,619.4 metres of mineralization grading 0.87% copper equivalent, including 876.4 metres at 1.13%. The find supports the presence of a large-scale porphyry system, boosting investor optimism. The company’s management also highlighted these results as a game-changer, significantly increasing the project’s long-term value potential. On a year-to-date basis, NGEX stock is now up 5.3%.
Orla Mining, G Mining Ventures, and Dundee Precious Metals were also among the top performers on the Toronto Stock Exchange, with each surging by at least 5.8%.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Enbridge, Cenovus Energy, Whitecap Resources, and Manulife Financial were the five most active stocks.
TSX today
Metals prices extended their gains in early trading on Thursday, setting a supportive tone for the TSX index at the open today.
Although no major domestic economic releases are due this morning, Canadian investors may want to keep an eye on the monthly existing home sales and weekly jobless claims data from the United States this morning.
On the corporate events front, Toronto-Dominion Bank and Lightspeed Commerce will release their latest earnings reports today, which will likely keep their stocks in the spotlight. While broader market sentiment remains mixed following Wednesday’s pullback, Canadian bank earnings could provide fresh direction for financial stocks.
Market movers on the TSX today
