The Canadian stock market saw a rollercoaster session on Tuesday as sharp swings in commodity prices, mixed U.S. economic data, and uncertain signals from U.S.-Iran talks kept investors on edge. The S&P/TSX Composite Index ended the volatile session with a decline of 75 points, or 0.2%, at 34,927, slipping back below the key 35,000 mark after briefly trading higher earlier in the day.
While strength in energy, consumer staples, and utility stocks provided some support, weakness in the metals and mining sector weighed on the broader market.
Top TSX Composite movers and active stocks
Alimentation Couche-Tard (TSX:ATD) jumped by nearly 12% to $91.87 per share, making it the top-performing TSX stock for the day. This rally in ATD stock came a day after the Canadian convenience store giant announced stronger-than-expected fiscal fourth-quarter (ended in April) results. Higher fuel margins, positive organic growth in its convenience business, and contributions from acquisitions boosted the company’s latest financial results.
In the April quarter, Couche-Tard’s adjusted earnings jumped 51.2% year over year to US$667 million, while its adjusted diluted earnings rose 58.7% to US$0.73 per share. The firm’s total merchandise and service revenues also climbed 7.7% from a year ago to US$4.5 billion, with consolidated same-store merchandise revenues rising 2.2%. On a year-to-date basis, ATD stock is now up 23%.
OpenText, Thomson Reuters, and Waste Connections were also among the day’s top gainers on the Toronto Stock Exchange, with each rising by at least 4.3%.
In contrast, G Mining Ventures, Hudbay Minerals, Ero Copper, and Americas Gold and Silver plunged by at least 7.8% each, making them the session’s worst-performing TSX stocks.
By daily trade volume, Canadian Natural Resources, TC Energy, Telus, Manulife Financial, and Suncor Energy ranked among the five most active stocks on the exchange.
TSX today
Oil and gold prices continued to decline in early morning trading on Wednesday, which could pressure the commodity-heavy TSX index at the open today.
While no major domestic economic releases are due this morning, Canadian investors will keep a close eye on developments surrounding the U.S.-Iran negotiations, as geopolitical developments continue to influence global energy markets and risk sentiment.
Markets are weighing conflicting statements from Washington and Tehran after U.S. vice president JD Vance suggested Iran could soon allow International Atomic Energy Agency inspectors back into the country, while Iranian officials insisted no new commitments have been made regarding nuclear-site access.
TSX investors are also keeping a close eye on the Strait of Hormuz, a critical route for global energy shipments. While the U.S. has stressed the need to keep it open, uncertainty remains about how it will operate over the longer term.
On the corporate events side, the TSX-listed NovaGold Resources will release its latest quarterly earnings report today.
