Canadian stocks turned negative on Friday as investors remained cautious ahead of Canada’s planned retaliatory tariffs on U.S. goods, which were scheduled to take effect after the Labour Day weekend. These factors, coupled with weaker commodity prices, drove the S&P/TSX Composite Index down by 119 points, or 0.3%, to 36,514 — leaving the benchmark with a 40-point decline for the week.
Despite gains in some key sectors like consumer cyclicals, consumer staples, and utilities, heavy intraday losses in mining, energy, and financial stocks pressured the TSX index.
Top TSX Composite movers and active stocks
Thomson Reuters, Silvercorp Metals, Avino Silver & Gold Mines, and SSR Mining were the worst-performing TSX stocks for the day, as they plunged by at least 4% each.
On the brighter side, BRP, Hammond Power Solutions, Curaleaf Holdings, and TerraVest Industries climbed by more than 4% each, making them the session’s top-performing TSX stocks.
Despite weakness in metals prices, shares of Ivanhoe Mines (TSX: IVN) also trended higher after the company said it would release an update on its Western Forelands Exploration Project on September 8. Investor anticipation around the upcoming update helped lift IVN stock.
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Before the market opening bell on September 8, Ivanhoe revealed that contained copper at its Makoko District discovery had increased by 30% to roughly 12 million tonnes, further expanding what it calls the world’s largest and highest-grade copper discovery of the past decade.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Enbridge, Telus, and Manulife Financial were the five most active stocks on the Toronto Stock Exchange.
TSX today
Crude oil, natural gas, and copper prices jumped sharply in early trading on Tuesday, while gold and silver prices remained weak. Strength in energy and copper could provide support to the resource-heavy TSX index at the open today, although weakness in precious metals may limit gains in mining stocks.
Canadian investors will also closely monitor the impact of Ottawa’s retaliatory tariffs on U.S. goods, which took effect today and cover roughly $27.6 billion worth of imports. The measures range from 15% to 50% and target products including steel, dairy, wood products, clothing, and machinery.
Meanwhile, elevated oil prices near multiweek highs and continued uncertainty around the Strait of Hormuz could keep inflation concerns and energy stocks in focus throughout the session.
On the corporate front, TSX-listed North West Company is set to release its latest quarterly results today after the market closes.
Bombardier (TSX: BBD.B) could also be in focus Tuesday after U.S. president Donald Trump threatened to block its jet sales unless it shifts more production to the United States. Although Bombardier highlighted its sizable U.S. operations, with roughly half its global fleet operated by U.S. customers, the comments could keep BBD.B stock volatile today.