After reaching new record highs for two consecutive days, Canadian stocks took a breather on Wednesday as investors reacted to a downside correction in commodity prices and weaker-than-expected U.S. jobs data that reignited concerns about the strength of the North American labor market. The S&P/TSX Composite Index slipped by 272 points, or 0.8%, to settle at 32,135 — ending its three-day winning streak.
Even as shares of healthcare companies continue to attract buying interest, steep declines in most other key market sectors, including industrials, financials, and consumer cyclicals, pulled the broader market index down.
Top TSX Composite movers and active stocks
Capstone Mining (TSX:CS) dived by 7% to $13.79 per share, making it the worst-performing TSX stock for the day. This selloff in CS stock came after news reports suggested that a labour strike at its Mantoverde copper mine in northern Chile would continue after talks with the union broke down.
According to Reuters, the union warned the disruption could be prolonged, with the mine operating at sharply reduced capacity and relying on limited stockpiles. Notably, Mantoverde is a key asset for Capstone, with meaningful copper production expected from the site. Investors appeared concerned that an extended shutdown could weigh on near‑term output and cash flows, prompting a sharp pullback in CS stock.
Brookfield Business Partners, Ero Copper, and Paramount Resources were also among the worst performers on the Toronto Stock Exchange, as they plunged at least 4.9% each.
On the brighter side, Definity Financial, OR Royalties, Aris Mining, and Wesdome Gold Mines climbed by at least 3.9% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, B2Gold, TD Bank, and TC Energy were the five most active stocks on the exchange.
TSX today
Commodity prices across the board, especially crude oil, gold, and silver, fell further in early morning trading on Thursday, which could pressure the resource-heavy main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the weekly U.S. jobless claims data this morning.
On the corporate events front, the Canadian fashion retailer Aritzia (TSX:ATZ) will announce its latest quarterly results on Thursday after the market closing bell. Bay Street analysts expect the company to post adjusted earnings of $0.89 per share for the November quarter, with $934.8 million in revenue.
Market movers on the TSX today
