Despite solid gains in commodity prices, including record highs in spot gold and a rebound in crude oil, Canadian stocks struggled for direction on Monday as investors weighed rising inflation risks against continued hopes for interest rate cuts. The S&P/TSX Composite Index concluded the volatile session with a slim 23-point decline at 29,028 — ending its eight-day winning streak but holding firmly near record highs.
Even as commodity-linked and healthcare stocks inched up, pressure from other major sectors, including industrials and technology, kept the TSX slightly in the red.
Top TSX Composite movers and active stocks
The biggest news of the day came from MDA Space (TSX:MDA), which crashed by 25% to $32.99 per share, making it the worst-performing TSX stock. The sharp selloff in MDA stock came after the Canadian space tech firm disclosed that EchoStar had terminated its recently signed constellation contract due to a shift in business strategy and a spectrum sale to SpaceX.
While MDA emphasized the decision was unrelated to its performance and confirmed it will be compensated for termination costs, investors apparently reacted strongly to the loss of the high-profile deal. Nevertheless, the company highlighted that its $4.6 billion backlog remains intact and reiterated its fiscal 2025 guidance. Still, the abrupt cancellation of the EchoStar deal fueled concerns about MDA’s growth visibility and triggered the steep decline in its stock, which now trades with 12% year-to-date gains.
NGEx Minerals, Parex Resources, and Brookfield Asset Management were also among the day’s bottom performers on the Toronto Stock Exchange, with each diving by at least 2.6%.
G Mining Ventures, BRP, Hudbay Minerals, and Pan American Silver climbed by over 3% each, making them the top-performing TSX stocks.
According to the exchange’s trade volume data, Suncor Energy, Canadian Natural Resources, Cenovus Energy, Pembina Pipeline, and Manulife Financial were the session’s five most active stocks.
TSX today
After closing above the US$3,600 per ounce level for the first time in history, spot gold prices extended their gains in early Tuesday trading. Meanwhile, crude oil prices also edged higher, supported by the possibility of more sanctions on Russian energy exports. Given these developments, the TSX-listed resource stocks could rise at the open today.
While no key economic releases are due, Canadian investors may continue to look for cues from global markets and the upcoming U.S. inflation print later this week.
Market movers on the TSX today
