Despite renewed buying in tech stocks and a rebound in gold and silver prices, the Canadian stock market continued to decline for a second consecutive session on Tuesday as elevated Treasury bond yields, persistent Canada-U.S. trade tensions, and uncertainty surrounding the U.S.-Iran conflict kept investors cautious. The S&P/TSX Composite Index slipped by another 30 points to 35,460, reaching a fresh multi-month low.
On the one hand, technology, consumer cyclical, and mining stocks trended higher. On the other hand, steep intraday declines in other key market sectors like energy, healthcare, and financials pressured the TSX benchmark.
Top TSX Composite movers and active stocks
WSP Global, MDA Space, Enerflex, and Spartan Delta were the worst-performing TSX stocks for the day, with each diving by at least 3.1%.
On the brighter side, Badger Infrastructure Solutions, Montage Gold, Torex Gold Resources, and DPM Metals rose by at least 3% each, making them the session’s top-performing TSX stocks.
Shares of Air Canada (TSX: AC) also climbed 2.8% to $26.89 each, making them among the session’s top gainers on the Toronto Stock Exchange. These gains in AC stock came after the largest Canadian passenger airline company announced a major refresh of its Aeroplan co-branded credit card portfolio.
Starting in January 2027, primary Aeroplan credit cardholders will receive 15% savings in points on Air Canada flight rewards, along with new benefits for eligible hotel and car rental redemptions. The expanded travel benefits could make Aeroplan credit cards more attractive to customers and strengthen engagement with Air Canada’s loyalty program. This could be one of the key reasons why AC stock rose despite broader market weakness.
Northland Power (TSX: NPI) also trended higher after the firm brought its Jurassic Battery Energy Storage System in Alberta into commercial operation. This 80-megawatt, 160-megawatt-hour facility is Alberta’s largest battery storage project and was completed ahead of schedule and under budget.
Notably, Northland’s facility also marks the company’s second battery storage project and adds to its portfolio of operating energy assets. The successful project completion and its long-term contracted revenue supported investor sentiment toward NPI stock.
Based on their daily trade volume, Telus, TC Energy, Canadian Natural Resources, Algonquin Power & Utilities, and Athabasca Oil were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed in early trading on Wednesday, pointing to a flat open for the resource-heavy main TSX index today.
With no major domestic economic releases due, Canadian investors will closely monitor non-farm employment change, personal consumption expenditure (PCE) inflation, and quarterly gross domestic product (GDP) data from the U.S. market this morning.
In addition, developments in the Canada-U.S. trade dispute could remain in focus after new U.S. import bans on selected Canadian products took effect Tuesday. While the affected goods account for a relatively small share of bilateral trade, the latest restrictions add to uncertainty surrounding the broader trade relationship.
At the same time, TSX investors may also keep a close eye on U.S.-Iran developments, which could add another layer of uncertainty to Canadian equities throughout the session.
Market movers on the TSX today
