Canadian equities continued to decline for the second straight session on Thursday as surging oil prices raised concerns about persistent inflation, while falling metals prices, rising Treasury yields, and ongoing trade tensions hurt investor sentiment. As Canada’s 10-year bond yields jumped close to their highest level in nearly three years, the S&P/TSX Composite Index slipped by another 45 points to 35,706 — registering its lowest close in a week.
Although renewed buying in artificial intelligence (AI)-linked companies lifted tech stocks, most other key market sectors fell sharply. The TSX weakness was mainly led by steep intraday losses in healthcare, consumer cyclicals, and mining.
Top TSX Composite movers and active stocks
Kinross Gold (TSX: K) plunged by 11.3% to $34.50 per share, making it one of the worst-performing TSX stocks for the day. The selloff came after the Canadian gold mining firm lowered its production outlook for both 2026 and 2027 due to extreme weather and operational challenges at La Coipa and Round Mountain.
Kinross now expects annual attributable production of roughly 1.84 to 1.86 million gold-equivalent ounces, which is 2% to 3% below the low end of its previous guidance. Although the company raised its 2026 shareholder capital-return target from 40% to 50% of free cash flow, the weaker production outlook and operational challenges weighed on investor sentiment.
Gildan Activewear, Denison Mines, and Curaleaf were also among the day’s bottom performers on the Toronto Stock Exchange, with each falling by at least 4.6%.
On the brighter side, Air Canada (TSX: AC) jumped by nearly 5% after the airline welcomed an expanded Air Transport Agreement between Canada and Vietnam.
Air Canada said it plans to work with relevant authorities to secure the approvals needed to launch scheduled service to Ho Chi Minh City in 2027. A direct route would also expand Air Canada’s connectivity in Southeast Asia and could support passenger and cargo demand.
Shares of BlackBerry (TSX: BB) also climbed 3.6% after the Waterloo-based tech firm raised its fiscal 2027 financial outlook following a strong first half. In the August quarter, the company’s QNX business posted record quarterly revenue of US$80.3 million and secured its largest-ever design win, adding more than US$100 million to the QNX royalty backlog.
Celestica and Parex Resources were also among the session’s top-performing TSX stocks, with each climbing by more than 3%.
Based on their daily trade volume, Canadian Natural Resources, Telus, TC Energy, BlackBerry, and Kinross Gold were the five most active stocks on the exchange.
TSX today
Metals prices largely remained mixed in early Friday trading, while oil and gas prices fell, which could keep the commodity-heavy main TSX index largely flat at the open today.
With no major domestic economic releases due, Canadian investors will keep an eye on the U.S. consumer sentiment and inflation expectations data this morning.
The recent decline in oil prices came after reports that U.S. and Iranian negotiators were exploring a phased agreement to ease restrictions around the Strait of Hormuz. Under the framework being discussed, Tehran could gradually reopen the key shipping route while Washington would lift its blockade of Iranian ports, which could reduce some of the supply risks that have kept crude prices elevated.
With a 0.3% week-to-date decline, the TSX Composite seems on track to end the week in the red.
Market movers on the TSX today
