The Canadian stock market saw heightened volatility on Thursday as stronger-than-expected U.S. non-farm payrolls reignited concerns about the timing of more rate cuts, while Nvidia’s upbeat earnings failed to ease investor worries about the overvaluation of artificial intelligence (AI) stocks. Despite surging as much as 354 points in the morning, the S&P/TSX Composite Index witnessed a sharp reversal later in the day and ended the session down 372 points, or 1.2%, at 29,907 — closing below the 30,000 mark for the first time in nearly two weeks.
While some consumer staples stocks attracted renewed buying interest as investors rotated into defensives, it wasn’t enough to offset broader weakness across other key sectors, like mining, technology, and industrials.
Top TSX Composite movers and active stocks
Energy Fuels, Celestica, Lundin Mining, and Discovery Silver were the worst-performing TSX stocks for the day, with each diving by at least 8%.
Despite the broader market selloff, Altus Group (TSX:AIF) climbed 5.4% to $52.48 per share, making it the day’s top-performing TSX stock. This rally in AIF stock came after the real estate services firm unveiled a sweeping value‑creation plan, including a move to streamline its portfolio, divest non-core operations, and sharpen its focus on higher‑growth data and analytics businesses.
In addition, Altus announced plans for a major capital‑return program, with up to $500 million authorized for share buybacks. The company further outlined a goal to exit 2027 as a “Rule of 40” company and revealed plans to pursue a U.S. dual‑listing. The combination of portfolio optimization and shareholder‑return initiatives appeared to fuel the surge in AIF stock, which still trades with a 6.3% year-to-date loss.
Curaleaf and Dollarama were also among the session’s top gainers on the Toronto Stock Exchange, as they climbed by at least 1.7% each.
Based on their daily trade volume, Canadian Natural Resources, Enbridge, Cenovus Energy, Baytex Energy, and Barrick Mining were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices were hovering close to their lowest level in nearly a month in early trading on Friday, while metals prices showed mixed signals, suggesting a cautious start for the TSX in the final session of the week.
In addition to the ongoing AI bubble concerns, Canadian investors will also be watching for fresh signals from the domestic retail sales data, which could influence expectations for the Bank of Canada’s policy path.
Overall, the main TSX benchmark seems on track to end the week in the red, as it currently trades with a 1.2% week-to-date decline.
Market movers on the TSX today
