Canadian stocks fell sharply on the final trading session of January 2026 as massive intraday declines in metal prices, especially in gold and silver, coupled with wider concerns about economic uncertainties and geopolitical tensions, weighed heavily on investor sentiment. The S&P/TSX Composite Index tanked by 1,093 points, or 3.3%, on Friday to settle at 31,924 — marking its lowest closing in four weeks and registering its worst single-day percentage decline in over nine months.
All key market sectors ended the session in the red, but the market selloff was mainly led by huge declines in mining, energy, and technology stocks. Notably, this single-day pullback erased most of the TSX benchmark’s January gains as it ended the month with a minor increase of 0.7%.
Top TSX Composite movers and active stocks
As precious metals prices tumbled after posting fresh all-time highs earlier in the week, mining stocks like NovaGold Resources, First Majestic Silver, Perpetua Resources, New Gold, Endeavour Silver, and Silvercorp Metals crashed by more than 16% each, making them the worst-performing TSX stocks for the day.
Despite the broader market selloff, Brookfield Renewable Partners (TSX:BEP.UN) stood out as the day’s top performer on the Toronto Stock Exchange, with its stock jumping 6% to $40.62 per share. This rally came after the company posted record 2025 results and announced a 5% increase in its quarterly distribution.
In 2025, Brookfield Renewable’s funds from operations rose 10% year over year to US$2.01 per unit with the help of strong performance in its hydro, wind, and sustainable solutions segments. In its latest earnings report, the company also highlighted strategic wins like its hydro framework deal with Alphabet’s Google and a major U.S. government-backed nuclear partnership through Westinghouse. On a year-to-date basis, Brookfield Renewable stock now trades with nearly a 10% gain.
Shares of 5N Plus (TSX:VNP) also climbed 3.6% following news that the company secured an US$18.1 million grant from the U.S. government to expand its germanium production in Utah. The funding is expected to boost its capacity to recycle and refine germanium, which is considered a critical material for optics and solar applications. After closing 2025 with 140% gains, VNP stock has already risen 36% this year.
Bausch Health and Algonquin Power & Utilities were also among the session’s top-performing TSX stocks, as they climbed by at least 2.5% each.
According to the exchange’s daily trade volume data, Kinross Gold, B2Gold, Capstone Copper, Telus, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices plunged by as much as 5% in early trading on Monday, while natural gas and metals prices also fell. Given these negative early moves in commodities, the resource-heavy TSX index is likely to remain under pressure at the open today, with continued losses expected in commodity-linked stocks.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the monthly manufacturing data from the U.S. this morning. In addition, geopolitical developments could continue to drive market volatility as investors see corporate earnings season heat up in both Canada and the U.S. later in the week.
Market movers on the TSX today
