Canadian stocks started the new week on a negative note as massive declines in metals prices and elevated Treasury bond yields, coupled with growing concerns about further escalation in the U.S.-Iran conflict, weighed on investor sentiment. The S&P/TSX Composite Index plunged by 311 points, or 0.9%, to 35,490 — closing at its lowest level in eight weeks.
Even as some key market sectors, such as utilities and consumer cyclicals, continued to attract buying, massive intraday declines in metals and mining stocks, along with weakness in shares of financials and industrial companies, dragged the TSX benchmark down.
Top TSX Composite movers and active stocks
Aris Mining and AbraSilver Resource were the worst-performing TSX stocks for the day, with each sliding by at least 6.9%.
Shares of Perpetua Resources (TSX: PPTA) also slid over 6%, making it among the day’s bottom performers on the Toronto Stock Exchange. This selloff in PPTA stock came after the mineral exploration firm provided a construction and exploration update on its Stibnite Gold project in Idaho.
Perpetua revealed that work on the Burntlog access route and powerline infrastructure continued to advance, while its exploration program surpassed the originally planned 10,000 metres of drilling. Despite these updates, sharp intraday declines in gold prices appeared to weigh on PPTA stock.
Shares of Eldorado Gold (TSX: ELD) also tanked by nearly 6% after the miner announced another important milestone at its Skouries copper-gold project in northern Greece. The Vancouver-based metals producer said the mine had been successfully energized after completing its permanent connection to the Greek national power grid.
The connection will provide long-term power for the operation and support ongoing commissioning and ramp-up activities as the Skouries project moves toward commercial production, which is expected in the fourth quarter of 2026. Despite the positive project update, ELD stock remained under pressure, suggesting that the announcement was not enough to offset the mining sector-wide selling pressure.
On the brighter side, BlackBerry, Gildan Activewear, TransAlta, and 5N Plus climbed by at least 2.7% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Telus, TC Energy, BlackBerry, and Enbridge continued to be the most active stocks on the exchange for the second consecutive day.
TSX today
Oil prices trended lower in early Tuesday trading, while gold prices showed a modest recovery after falling nearly 4% in the last session. Given these mixed signals, the commodity-heavy TSX index could see a flat opening today.
In addition to the domestic gross domestic product (GDP) data, Canadian investors may want to keep an eye on the monthly consumer confidence and job openings data from the U.S. this morning.
Investors will also closely watch developments in the U.S.-Iran conflict. Any sign of progress toward reopening the Strait of Hormuz could ease oil prices and inflation concerns, while another breakdown in negotiations could quickly revive TSX volatility.
Meanwhile, Canada-U.S. trade tensions remain another key risk after new U.S. import bans on certain Canadian alcoholic beverages, dairy byproducts, and motorcycles took effect Tuesday. Trump nevertheless said he believes a trade agreement with Canada could be reached within the next few weeks, keeping the possibility of renewed negotiations in focus.
Market movers on the TSX today
