The rally in the Canadian stock market continued on Friday as investors welcomed the U.S. Supreme Court ruling to strike down President Donald Trump’s sweeping tariffs imposed under the International Emergency Economic Powers Act. The Court noted that the statute does not authorize the president to levy duties, highlighting that tariff powers rest with Congress. This news, despite a hotter-than-expected U.S. inflation print, drove the S&P/TSX Composite Index up by 223 points, or 0.7%, for the day to a fresh all-time high of 33,818 — extending the market benchmark’s weekly gain to 2.2%.
On the one hand, consumer staples and utility stocks witnessed weakness as investors rotated toward more cyclical and trade-sensitive sectors following the tariff ruling. On the other hand, technology, real estate, and financial stocks attracted fresh buying interest, helping lift the broader index.
Top TSX Composite movers and active stocks
Fortuna Mining, First Majestic Silver, Lundin Mining, and Sprott were the day’s top-performing TSX stocks, with each climbing by at least 9.9%.
In contrast, shares of Superior Plus (TSX: SPB) tanked over 18% to $6.48 apiece, making it the session’s worst-performing TSX stock. This selloff in SPB stock came after the Toronto-based propane distributor posted its fourth-quarter and full-year 2025 results along with a weaker long-term growth outlook. While the company’s full-year adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 2% to $463.5 million in 2025, it lowered its expected compound annual adjusted EBITDA growth rate to about 2% from 2024 to 2027, down from its prior 8% target.
Superior Plus also pushed out the full benefits of its Superior Delivers transformation program to 2028 from 2027, citing service pressures and a downturn in Certarus’s wellsite business. The tempered growth forecast and extended transformation timeline apparently spooked investors, triggering the sharp selloff in SPB stock.
Curaleaf Holdings, Eldorado Gold, and West Fraser Timber were also among the Toronto Stock Exchange’s bottom performers, as they dived by at least 6.2% each.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Barrick Mining, Enbridge, and B2Gold were the five most active stocks on the exchange.
TSX today
Gold and silver prices trended higher in early trading on Monday, but most other commodity prices were largely mixed. These early signals suggest the resource-heavy TSX could see selective strength in mining shares at the open today, while energy and industrial names may trade in a tighter range.
However, Trump’s latest announcement of a temporary import surcharge under section 122 of the Trade Act of 1974 could temper some of the optimism seen late last week. The White House said the 150-day measure, set to take effect on February 24, is aimed at addressing what it calls “fundamental international payment problems” tied to the U.S. balance-of-payments deficit.
While these developments could keep TSX stocks volatile, Canadian investors will also keep an eye on the latest earnings releases from Whitecap Resources, Emera, and Winpak.
Market movers on the TSX today
