A day after posting its biggest single-day percentage gain in seven months, the Canadian stock market fell sharply on Thursday as investors reacted to largely mixed corporate results, renewed geopolitical uncertainty surrounding the U.S.-Iran conflict, and lingering concerns about Canada-U.S. trade relations. The S&P/TSX Composite Index plunged by 736 points, or 2%, to settle at 35,605 — marking its biggest single-day percentage decline in five while erasing nearly all of its weekly gains.
Even as strengthening gold prices helped some mining stocks trend higher, big intraday losses in many other key market sectors like financials, technology, and consumer cyclicals weighed heavily on the TSX benchmark, dragging it back below the 36,000-point level.
Top TSX Composite movers and active stocks
Gildan Activewear (TSX: GIL) tanked by nearly 19% to $49.04 per share, making it the worst-performing TSX stock for the day. This selloff in GIL stock came after the Montreal-based apparel manufacturer delivered disappointing third-quarter results and sharply cut its full-year outlook. While its quarterly revenue jumped 61% year-over-year, mainly due to its HanesBrands acquisition, sales fell short of expectations as weaker consumer demand weighed on its business.
Despite a 54% increase in its adjusted earnings, Gildan lowered its full-year revenue forecast to between US$5.4 billion and US$5.5 billion. The company also withdrew its longer-term financial targets, citing rising interest rates, persistent inflation, and weaker demand for apparel. These disappointing forecasts and concerns about slowing consumer spending appeared to drive GIL stock sharply lower.
Russel Metals, Celestica, and Lundin Mining also dived by more than 11% each, placing them among the session’s bottom performers on the Toronto Stock Exchange.
Despite the broader market selloff, Labrador Iron Ore Royalty (TSX: LIF) climbed 8.5% following the release of its third-quarter 2026 financial results. Although its quarterly royalty revenue fell 8% from a year ago, it improved 19% from the previous quarter.
Meanwhile, iron ore sales volumes at the Iron Ore Company of Canada, in which Labrador Iron Ore Royalty holds an ownership stake of over 15%, rose 24% from the previous quarter. Despite continued pressure from weaker iron ore prices and softer Chinese steel demand, the company’s improving quarterly performance appeared to encourage investors to buy LIF stock.
Torex Resources, OceanaGold, and Allied Gold also rose by at least 6.4% each, making them among the day’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Enbridge, Suncor Energy, Telus, and BCE were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed in early Friday trading, pointing to a flat open for the resource-heavy main TSX index today.
In addition to Canada’s employment data, Canadian investors will closely monitor the latest U.S. jobs report and preliminary consumer sentiment figures this morning. Meanwhile, investors will continue to assess the implications of the Democrats’ sweeping victory in the U.S. midterm elections for Canada-U.S. trade relations.
On the corporate events front, Constellation Software, Brookfield Infrastructure Partners, ATCO, Enbridge, Emera, Canadian Utilities, Algonquin Power & Utilities, Parex Resources, and Brookfield Asset Management will release their latest quarterly earnings reports today, which could keep several key TSX sectors in focus throughout the session.
Market movers on the TSX today
