Even as gold and silver prices continued to rally to fresh all-time highs and crude oil jumped sharply, Canadian equities trended lower on Tuesday as tech valuation concerns and worries about U.S. president Donald Trump’s tariff threats on many European countries weighed on investor sentiment. The S&P/TSX Composite Index dived by 341 points, or 1%, to close at 32,750, halting its four-session winning streak.
The market pullback was mainly led by big declines across most sectors, including technology, financials, and industrials, as investors reassessed risk amid renewed global trade and geopolitical uncertainties. However, record precious metals prices helped cushion the TSX downside, with several gold and silver miners managing to post gains despite broader market weakness.
Top TSX Composite movers and active stocks
ATS, Shopify, CGI, and Lightspeed Commerce were the worst-performing TSX stocks for the day, with each diving by at least 4.9%.
Similarly, shares of Curaleaf Holdings (TSX: CURA) plunged 4.4% to $3.45 apiece after the company released its preliminary fourth-quarter results. Its latest quarterly net revenue is expected to mark a modest 1% increase from a year ago, while adjusted gross profit margin is anticipated to hold steady at 48.5%. Also, Curaleaf announced it will exit its hemp business and cease operations in Missouri due to regulatory shifts and underperformance.
On the brighter side, GMIning Ventures (TSX: GMIN) soared by nearly 11% to $47.81 per share, making it the day’s top-performing TSX stock. This rally in GMIN stock followed its upbeat 2026-2027 operational outlook announcement, including plans to boost gold production to up to 190,000 ounces this year and up to 235,000 ounces in 2027.
Notably, GMining’s costs are also expected to fall, with all-in sustaining costs projected to drop about 20% next year. Investors cheered the rising output forecast and improving cost structure, which point to stronger future cash flows. On a year-to-date basis, GMIN stock is now up 15.2%.
Surging gold prices also drove mining stocks like Orla Mining, Centerra Gold, and Aya Gold & Silver up by more than 7% each, making them among the session’s top gainers on the Toronto Stock Exchange.
Based on their daily trade volume, Cenovus Energy, B2Gold, Telus, Canadian Natural Resources, and Kinross Gold were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures and gold prices witnessed solid gains in early Wednesday trading, pointing to a slightly higher opening for the resource-linked TSX stocks today.
While no major economic releases are due, Canadian investors will continue to monitor global developments closely, especially geopolitical tensions and shifting trade rhetoric. U.S.-Europe tariff uncertainty and Middle East conflict risks remain front of mind, even as strong commodity prices provide some support.
Market movers on the TSX today
