After staging a recovery in the previous couple of sessions, Canadian stocks turned negative again on Wednesday as oil prices resumed their upward trend following reports of fresh attacks on merchant vessels and energy infrastructure across the Gulf region. As the renewed escalation in the U.S.-Israel-Iran conflict raised concerns about further disruptions to global crude shipments, the S&P/TSX Composite Index plunged by 151 points, or 0.5%, to settle at 33,120.
As tensions intensified, crude prices rose sharply in global markets, reflecting fears that the conflict could prolong supply constraints in the Middle East. Stronger oil prices drove shares of energy companies higher. However, most other key sectors, such as technology, real estate, and mining, posted sharp declines — pressuring the TSX benchmark.
Top TSX Composite movers and active stocks
Shares of goeasy (TSX:GSY) tanked by another 18% to $40.67 per share, extending their two-day slump to nearly 65%. This recent massive selling pressure in GSY stock came after the company, which earlier in the week had warned of a $178 million incremental charge-off in the fourth quarter tied to its LendCare portfolio, pushing its total net charge-offs for the quarter to about $331 million.
In addition, goeasy also suspended its dividend, halted share buybacks, and disclosed potential covenant compliance issues, though it said it is in active talks with lenders. The combination of higher-than-expected credit losses and uncertainty around financing agreements appears to have severely dented investor confidence.
Constellation Software, G Mining Ventures, and NovaGold Resources were also among the day’s bottom performers on the Toronto Stock Exchange, with each diving by at least 4.7%.
In contrast, SECURE Waste Infrastructure, Parex Resources, Methanex, and Cenovus Energy climbed by at least 4.6% each, making them the session’s top-performing TSX stocks.
Similarly, Peyto Exploration & Development (TSX:PEY) fell over 4% after the firm released its fourth-quarter results. Last quarter, its funds from operations rose 23% year over year to $245 million, driven by higher production and stronger realized gas prices after hedging.
Its quarterly earnings also jumped 61% to nearly $126 million, as production increased 6% from a year ago and cash costs fell 10%, lifting Peyto’s operating margin to 74%. So far in 2026, PEY stock has jumped 23.4%.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Telus, Suncor Energy, and Barrick Mining were the five most active stocks on the exchange.
TSX today
West Texas Intermediate (WTI) crude oil futures prices continued to surge in early trading on Thursday, which could lift TSX energy stocks at the open today. However, mixed metals prices and new developments related to the escalating Iran conflict could keep broader market sentiment fragile.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest jobless claims data from the United States this morning.
On the corporate events side, Wheaton Precious Metals and Empire Company are expected to announce their latest quarterly results today, which could keep their shares in the spotlight throughout the session.
Market movers on the TSX today
