Even as strengthening commodity prices and a solid U.S. jobs report pushed Canadian stocks higher in intraday trading on Wednesday, the index ended the day with a minor decline as mixed corporate earnings and speculation about the timing of potential interest rate cuts prompted some late-session profit-taking. After rising as much as 437 points, the S&P/TSX Composite Index lost most of these gains later to conclude the highly volatile session with a minor decline of three points at 33,254 — ending its three-day winning streak.
On the one hand, rising crude oil and precious metals prices drove commodity-linked stocks higher. On the other hand, sharp declines in other key sectors like technology, real estate, and financials weighed on the broader index and erased earlier gains.
Top TSX Composite movers and active stocks
Allied Properties Real Estate Investment Trust (TSX:AP.UN) crashed by nearly 28% to $10.14 per share, making it the worst-performing TSX stock for the day. The selloff followed the REIT’s fourth-quarter results, which showed a staggering $1.01 billion quarterly net loss.
In 2025, Allied also recorded a $128 million expected credit loss on loans receivable, while its net asset value per unit plunged 27.6% year over year to $29.87, and leverage climbed. At the same time, the REIT unveiled a $560 million equity offering priced at $10 per unit to help repay debt and accelerate deleveraging, significantly diluting existing unitholders. Investors appeared rattled by the combined impact of massive valuation write-downs, elevated debt levels, and the sizable equity raise, triggering the sharp decline in Allied Properties REIT.
Shares of Shopify (TSX:SHOP) plunged 7% to $160.41 apiece after the Canadian e-commerce platform giant released its financial results along with a fresh 2026 outlook. The company’s revenue in 2025 jumped to 30% year over year, with operating income rising to $1.47 billion. The company’s free cash flow also remained strong at $2 billion for the year, translating into a 17% margin.
However, Shopify expects its free cash flow margin to land in the low-to-mid teens in the first-quarter of 2026, slightly lower from a year ago, despite projecting revenue growth in the low-30s range. Investors appeared to focus on the softer near-term margin outlook and moderation in profitability expectations, which could be the main reason for the pullback in SHOP stock despite another year of robust top-line growth.
Colliers International, TerraVest Industries, and IGM Financial were also among the day’s bottom performers on the Toronto Stock Exchange, as they dived by at least 6.9% each.
On the brighter side, NovaGold Resources, Discovery Silver, Toromont Industries, and Eldorado Gold climbed by at least 6.4% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Enbridge, Telus, Suncor Energy, and Allied Properties REIT were the five most active stocks on the exchange.
TSX today
Commodity prices were largely flat in early trading on Thursday, pointing to a muted open for the resource-heavy TSX index today.
While no major domestic economic releases are due, Canadian investors will closely monitor the U.S. monthly existing home sales and weekly jobless claims data this morning for fresh signals on economic momentum.
More importantly, earnings from several TSX-listed companies, including CAE, Air Canada, IGM Financial, Definity Financial, Bombardier, Mullen Group, Restaurant Brands, Telus, Fortis, Keyera, and Brookfield, are also due today and could drive stock-specific volatility. Investors will be watching for updates on demand trends, cost pressures, and forward guidance across sectors ranging from industrials to telecom and utilities.
Market movers on the TSX today
