Steep intraday declines in gold, silver, and copper prices, coupled with largely mixed corporate results, pressured Canadian stocks on Thursday, reversing all of the gains from the previous session. The S&P/TSX Composite Index fell 275 points, or 0.8%, to close at 36,137 — trimming its week-to-date gains to 1%.
Even as firm oil and gas prices drove energy stocks higher, steep losses in most other key sectors, including mining, healthcare, and real estate, pushed the TSX benchmark sharply lower.
The decline in gold, silver, and copper prices raised fresh concerns about the near-term outlook for Canadian metals producers, while mixed quarterly earnings added to uncertainty about corporate profitability.
Top TSX Composite movers and active stocks
Aya Gold & Silver (TSX: AYA) fell by nearly 7% to $32.48 per share, making it the worst-performing TSX stock for the day. The decline came even as the Montreal-based precious metals miner reported strong third-quarter 2026 financial results, with revenue jumping 90% year-over-year.
Aya’s net profit also surged 182% in the latest quarter to US$35 million, while operating cash flow more than doubled to US$48 million. Encouraged by this performance, the company raised the lower end of its 2026 silver production guidance for the Zgounder mine. Despite these improvements, a 9% year-over-year decline in silver sales at Zgounder and a 7% sequential drop in average realized silver equivalent prices, along with intraday weakness in metals prices, seemingly weighed on investor sentiment, triggering a selloff in AYA stock.
Curaleaf, Discovery Mining, and Capstone Copper were also among the day’s bottom performers on the Toronto Stock Exchange, with each losing at least 6.5% of their value.
Despite the broader market weakness, shares of Cargojet (TSX: CJT) jumped more than 10% Thursday, making it the session’s top-performing TSX stock. This rally in CJT stock came after the Canadian air cargo services provider reported record third-quarter revenue and strong earnings growth.
Last quarter, Cargojet’s revenue climbed 30.3% from a year ago with the help of higher domestic network revenue, aircraft leasing, and charter revenues. As a result, the company’s net profit more than doubled to $19.1 million. These strong financial results, coupled with its focus on international expansion and operational efficiency, boosted investor confidence and fueled the rally in CJT stock.
Canadian Tire, Celestica, and Allied Properties REIT also inched up by at least 3.8% each, placing them among the day’s top gainers on the TSX.
Based on their daily trade volume, Enbridge, Capstone Copper, Telus, B2Gold, and Suncor Energy 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.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the key U.S. wholesale inflation report this morning. This report, especially after the release of hotter-than-expected consumer inflation data earlier this week, could offer fresh clues about the Federal Reserve’s next interest rate decision and influence market sentiment.
Meanwhile, Canadian investors will monitor developments in Canada-U.S. trade negotiations after U.S. Trade Representative Jamieson Greer confirmed Thursday that officials from both countries had been in contact recently, although he offered no timeline for reaching an agreement.
Investors will also watch technology stocks after Nvidia announced the immediate resignation of CEO Jensen Huang yesterday, with longtime finance chief Colette Kress taking over as interim chief executive.
On the corporate events side, some TSX-listed companies like CES Energy Solutions, Onex, Kelt Exploration, and Americas Gold and Silver will release their latest earnings reports today.
These developments, along with movements in commodity prices, could influence the TSX’s direction in today’s session.