Canadian equities fell sharply on Friday as investors reacted to geopolitical tensions, continued uncertainty about Canada-U.S. trade, and largely increasing credit losses at major banks in Canada. The S&P/TSX Composite Index plunged by 280 points, or 0.8%, for the day to settle at 36,554, ending the week with a decline of 66 points and marking its second consecutive weekly drop.
Nearly all key market sectors ended the session in the red, but the market selloff was mainly driven by big losses in mining, energy, and technology stocks.
Top TSX Composite movers and active stocks
Denison Mines, Nexgen Energy, Energy Fuels, and AbraSilver Resource were the worst-performing TSX stocks for the day, as they plunged by more than 6% each.
On the brighter side, GFL Environmental, SECURE Waste Infrastructure, Curaleaf Holdings, and Element Fleet Management climbed by at least 2% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Enbridge, Manulife Financial, and Telus were the five most active stocks on the Toronto Stock Exchange.
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TSX today
Crude oil, silver, and copper prices trended sharply higher in early trading on Monday, which could help the resource-heavy main TSX index recover at the open today.
Canadian investors will focus on renewed Middle East tensions after the U.S. and Iran exchanged strikes, potentially keeping oil prices and energy-heavy TSX stocks volatile. Canada-U.S. trade uncertainty will also remain in focus ahead of Canada’s retaliatory tariffs on about $28 billion of U.S. goods, set to take effect September 8.
Shares of Perpetua Resources (TSX:PPTA) stock could also remain in focus today as the company provided a fresh construction and exploration update on its Stibnite Gold Project in Idaho.
In a press release before the market opening bell, Perpetua said early works and critical-path construction are progressing, with fabrication of key processing equipment underway and worker housing and other infrastructure taking shape. The company also highlighted a recent U.S. court ruling that largely upheld federal approvals for the project, although plaintiffs have filed an appeal.