Canadian stocks continued to fall for a second consecutive session on Tuesday as investors tried to navigate a mix of economic uncertainty, fluctuating commodity prices, and anticipation around upcoming central bank decisions. The S&P/TSX Composite Index slid by 53 points, or 0.2%, to settle at 31,049.
Even as financial and technology stocks, a day after falling sharply, staged a notable rebound, weakness in most other key market sectors, including healthcare, mining, and energy, pressured the TSX benchmark as oil and gold prices pulled back slightly.
Top TSX Composite movers and active stocks
Shares of goeasy (TSX:GSY) fell by nearly 6% to $129.08 apiece, making it the worst-performing TSX stock for the day. This selloff in GSY stock came after the Mississauga-based lender said that its CEO, Dan Rees, will step down at year-end due to a personal health issue.
While goeasy named Patrick Ens as Rees’s successor starting January 1, investors reacted negatively to the unexpected leadership transition. On a year-to-date basis, GSY stock is now down 23%.
Curaleaf, Celestica, and Imperial Oil were also among the bottom performers on the Toronto Stock Exchange, with each slipping by at least 3.5%.
On the brighter side, Laurentian Bank of Canada (TSX:LB) stood out as the top-performing TSX stock, surging by over 18% to $39.97 per share. This sharp move came after the bank announced its exit from retail and small business banking as part of a strategic shift to focus exclusively on commercial lending.
As part of the transition, Fairstone Bank will acquire all of Laurentian’s common shares, while National Bank of Canada will take over its retail and SME (small- and medium-sized enterprises) portfolios. Investors appeared to welcome this $ 40.50-per-share all-cash offer from Fairstone and the clear path forward for Laurentian’s commercial-focused future.
Energy Fuels, Shopify, and Bombardier also climbed by at least 4.4% each, making them among the day’s top gainers.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Manulife Financial, Cenovus Energy, and Enbridge were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed in early trading on Wednesday, as investors awaited key U.S. economic data. These mixed signals could lead to a flat opening for the TSX today.
While no major domestic economic releases are due, Canadian investors will closely monitor non-farm employment change, non-manufacturing PMI (purchasing managers’ index), and global services PMI from the U.S. market this morning.
In addition, several TSX-listed companies, including Royal Bank of Canada, National Bank of Canada, Descartes Systems, and EQB, will release their latest quarterly earnings today, which could keep their shares active throughout the session.
Market movers on the TSX today
