Canadian stocks continued to decline for a second consecutive session on Tuesday as concerns about the overvaluation of artificial intelligence (AI)-related stocks and broader economic uncertainty weighed on investor sentiment. The S&P/TSX Composite Index fell by another 40 points to settle at 30,036 — reaching its lowest closing level in over a week.
Even as consistent recovery in crude oil prices drove TSX-listed energy stocks higher, sharp losses in many other key sectors, including industrials, technology, and consumer discretionary, dragged the broader market benchmark lower.
Top TSX Composite movers and active stocks
Shares of Northland Power (TSX: NPI) fell 4.1% to $17.73 apiece, making them among the worst-performing TSX stocks for the day. This selloff in NPI stock came even after the Toronto-based power producer announced a new five‑year power purchase agreement with Shell for roughly one‑third of the output from its Nordsee One offshore wind farm.
While the deal locks in pricing and provides clearer revenue visibility once the current German renewable-energy regime steps down in 2027, Northland’s investors still seemed underwhelmed that the agreement doesn’t begin until mid-2027 and that it isn’t an immediate financial catalyst. After the recent weakness, NPI stock has lost nearly 31% of its value so far in November.
Capstone Copper, Telus, and AtkinsRéalis were also among the bottom performers on the Toronto Stock Exchange, with each diving by at least 4%.
Nevertheless, Superior Plus, Birchcliff Energy, Peyto Exploration & Development, and CES Energy climbed by at least 4.7% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Cenovus Energy, Canadian Natural Resources, Telus, Enbridge, and Whitecap Resources were the five most active stocks on the exchange.
TSX today
Metals prices were largely bullish in early trading on Wednesday, pointing to a slightly higher open for TSX mining stocks today.
While no major economic releases are due this morning, Canadian investors will closely monitor the U.S. Federal Reserve’s latest meeting minutes, scheduled for release this afternoon. The minutes could offer new insights into policymakers’ views on inflation and the potential timing of more interest rate cuts in the coming quarters, which may influence sentiment across both U.S. and Canadian equity markets.
On the corporate events side, the TSX-listed Metro will announce its latest quarterly results today. Bay Street analysts expect the Montréal-based food and pharmacy firm to post earnings of $1.10 per share for the September quarter, with $5.1 billion in revenue.
Market movers on the TSX today
