Despite upbeat corporate earnings releases, Canadian stocks fell sharply on Thursday as sharp declines in metals prices and a renewed selloff in artificial intelligence (AI)-linked tech stocks weighed on investor confidence. As a result, a day after reaching its highest level in four weeks, the S&P/TSX Composite Index fell 352 points, or 1%, to settle at 35,973, marking its biggest single-day decline in over a week.
On the one hand, weaker commodity prices pressured energy and mining stocks, while select stocks in the tech sector also faced renewed selling pressure, adding to the broader market weakness. On the other hand, buying in some sectors like industrials, real estate, and consumer staples helped limit the TSX benchmark’s overall losses.
Top TSX Composite movers and active stocks
Celestica, Americas Gold and Silver, Aya Gold & Silver, and Montage Gold were the worst-performing TSX stocks for the day, with each diving by more than 10%.
On the brighter side, Mullen Group (TSX: MTL) jumped 11.5% to $32.28 per share, making it the day’s top-performing TSX stock. This rally in MTL stock came after the Okotoks-based logistics company reported record financial results for the third quarter of 2026, driven by strong internal growth, higher fuel surcharge revenue, and contributions from acquisitions.
Mullen’s quarterly revenue rose 16.3% year-over-year (YoY), and its net profit surged over 55% to a record $51.5 million. The company also ended the quarter with about $214 million in cash and cash equivalents. These strong financial results, improving operating margins, and continued business growth likely fueled the sharp rally in MTL stock.
Similarly, Waste Connections (TSX: WCN) and FirstService (TSX: FSV) jumped by more than 7% each as their latest quarterly earnings reports highlighted continued revenue growth. Waste Connections posted a 7.3% YoY increase in its third-quarter revenue, backed by strong operating performance, improving landfill volumes, and higher commodity-related revenue. The waste management firm also raised its full-year revenue outlook and increased its quarterly dividend by 10%.
Meanwhile, FirstService reported a 6% increase in third-quarter revenue, driven by growth across its residential property management and essential property services businesses.
Shares of Thomson Reuters (TSX: TRI) were also among the top gainers on the Toronto Stock Exchange, as they rallied 6.5% after the content and technology firm launched the next generation of its CoCounsel Tax, Audit & Accounting AI platform. The company also highlighted improved integration with existing professional software, with the new platform now available to all U.S. customers.
Based on their daily trade volume, Telus, Athabasca Oil, Ivanhoe Mines, BCE, and Enbridge were the five most active stocks on the exchange.
TSX today
West Texas Intermediate (WTI) crude oil futures prices jumped above US$100 per barrel in early Friday trading as escalating tensions between the United States and Iran raised concerns about continued disruptions to global energy supplies. These developments could support TSX energy stocks at the open today. However, gold and silver prices extended recent declines, which could put further pressure on mining shares.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest manufacturing, services, and revised consumer sentiment data from the U.S. this morning.
Notably, Canada’s chief trade negotiator, Janice Charette, recently said that Ottawa remains in contact with Washington but has no clear timeline for restarting formal trade negotiations.
With uncertainty surrounding both Middle East tensions and Canada-U.S. trade relations, the TSX could experience another volatile session today.
On the corporate events side, the TSX-listed Rogers Communications will release its latest quarterly earnings report today, keeping its stock in the spotlight throughout the session.
Market movers on the TSX today
