Canadian stocks went sideways on Tuesday as the escalating Israel-Iran conflict and weaker-than-expected U.S. retail sales data kept investor sentiment in check ahead of the Federal Reserve’s policy announcement. The S&P/TSX Composite Index slipped by 27 points to settle at 26,541.
Even as surging crude oil prices supported the rally in energy stocks, most other key sectors ended the session in the red, with healthcare, industrials, and technology leading the pullback.
Top TSX Composite movers and active stocks
Primaris Real Estate Investment Trust (TSX:PMZ.UN) fell 3.7% to $14.64 per unit, making it one of the worst-performing TSX stocks for the day. This selloff came after the Toronto-based shopping centre-focused REIT announced a $416 million acquisition of Lime Ridge Mall in Hamilton and a concurrent secondary offering of REIT units.
While the acquisition aligns with Primaris’s growth strategy, investors may have reacted negatively to concerns over equity dilution and the sizable capital deployment. The offering will see over 8.4 million units sold by a selling unitholder, which might put some short-term pressure on the stock. On a year-to-date basis, Primaris REIT is now down 5.4%.
Tilray, Great-West Lifeco, and TFI International were also among the bottom performers on the Toronto Stock Exchange, with each diving by over 3%.
On the flip side, Baytex Energy, International Petroleum, Algoma Steel, and First Majestic Silver jumped by at least 3.7% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Baytex Energy, Whitecap Resources, and Suncor Energy were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices were hovering close to their highest level in five months in early trading on Wednesday as geopolitical tensions kept supply risk elevated. This could lift TSX energy stocks at the open today.
In addition to the Bank of Canada governor Tiff Macklem’s speech this morning, Canadian investors will be closely watching the U.S. Federal Reserve’s rate decision, economic projections, and press conference later today.
While the Fed is widely expected to hold rates steady, updated guidance could influence market expectations around the timing and pace of future cuts. TSX sectors like financials and real estate may react sharply to any shift in tone.
Market movers on the TSX today
