The Canadian stock market fell for the fifth consecutive session on Wednesday as mixed earnings and geopolitical uncertainty kept investors on edge, while both the Bank of Canada (BoC) and the U.S. Federal Reserve kept interest rates steady. The S&P/TSX Composite Index plunged by 266 points, or 0.8%, for the day to settle at 33,318 — marking its lowest closing in three weeks as oil prices continued to soar.
Despite intraday gains in energy stocks, most other key market sectors fell, led primarily by heavy declines in mining, real estate, and utilities.
BoC and U.S. Fed keep rates steady
In its latest policy statement, the BoC said it is closely monitoring the impact of the Middle East conflict and trade-related uncertainty, noting that higher energy prices are lifting near-term inflation but are expected to ease over time.
Similarly, the Fed held rates steady and signaled a data-dependent approach ahead, as policymakers assess inflation trends and broader economic conditions amid elevated geopolitical risks.
Top TSX Composite movers and active stocks
CGI (TSX:GIB.A) dived by nearly 11% to $89.78 per share, making it the day’s worst-performing TSX stock. This selloff in CGI stock came after the information technology and business consulting firm reported slower second-quarter revenue growth despite higher earnings.
In the latest quarter, CGI’s revenue climbed 3.3% year over year to $4.16 billion, but constant-currency revenue growth was softer at 1.6%. As a result, its adjusted net profit rose only 0.6% to $483.4 million, while adjusted net earnings margin slipped to 11.6% from 11.9% a year ago. The stock fell as investors focused on the modest organic growth and margin pressure, even though CGI delivered higher earnings per share and strong bookings.
Capital Power, FirstService, and Canadian National Railway were also among the session’s bottom performers on the Toronto Stock Exchange, with each slipping by at least 6%.
On the brighter side, goeasy, Strathcona Resources, Parex Resources, and Cenovus Energy jumped by at least 4.8% each, making them the top-performing TSX stocks for the day.
Based on their daily trade volume, ARC Resources, Baytex Energy, Whitecap Resources, Enbridge, and Manulife Financial were the five most active stocks on the exchange.
TSX today
West Texas Intermediate (WTI) crude oil prices trended lower in early trading on Thursday after a sharp overnight rally, but remained elevated near multi-week highs as ongoing tensions in the Middle East continued to disrupt global supply expectations. Reports of potential U.S. military action and a prolonged blockade on Iranian exports highlighted the risk of further volatility in energy markets.
At the same time, gold, silver, and copper prices staged a recovery in early trading after falling for several days, which could lift TSX mining stocks at the open today.
In addition to Canada’s monthly gross domestic product (GDP) figures, TSX investors may also want to keep an eye on the latest core personal consumption expenditure, employment cost, and quarterly GDP data from the U.S. this morning.
Overall, the TSX direction today will likely depend on how commodity prices, amid shifting geopolitical dynamics, alongside economic data releases and fresh corporate earnings, shape investor sentiment.
Notably, many key TSX-listed companies, including Fairfax Financial, Agnico Eagle Mines, Advantage Energy, Badger Infrastructure Solutions, Eldorado Gold, Headwater Exploration, SECURE Waste Infrastructure, Bombardier, Gildan Activewear, AltaGas, and Air Canada, will announce their latest quarterly results today.
Market movers on the TSX today
