The roller coaster ride in Canadian stocks continued on Thursday as investors continued to monitor the chaotic Iran conflict, which expanded further across key energy routes in the Middle East. These concerns, despite largely upbeat corporate earnings, pulled the S&P/TSX Composite Index down by nearly 333 points, or 1%, to 33,610 — extending the benchmark’s weekly declines to over 2%.
Reports of attacks on multiple oil tankers in Gulf waters heightened concerns about disruptions to global crude shipments. The uncertainty pushed oil prices higher and added volatility to global equity markets, but failed to drive TSX energy stocks higher as investors remained extra cautious amid the rapidly evolving geopolitical situation. Despite strong intraday gains in tech stocks, sharp declines in many other key sectors, such as materials, healthcare, and consumer staples, pressured the broader market index.
Top TSX Composite movers and active stocks
Worries about demand for base metals amid the ongoing geopolitical conflicts sent metals prices sharply lower, driving the shares of Capstone Copper, Ero Copper, First Quantum Minerals, Taseko Mines, and Wesdome Gold Mines down by at least 8% each, making them the worst-performing TSX stocks for the day.
Despite the broader market selloff, Maple Leaf Foods (TSX:MFI) climbed by 5.6% to $28.31 per share after the Mississauga-headquartered consumer packaged goods company announced its far better-than-expected fourth-quarter and full-year 2025 results with solid top-line and earnings growth.
In the latest quarter, Maple Leaf’s sales jumped 8.1% year-over-year to $991 million, while its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 8.3% to $117 million. For the full year 2025, the company’s adjusted EBITDA margin also expanded to 12.2% from 10.8% a year ago. At the same time, its annual earnings also rose significantly, improving its net debt leverage ratio to 2.1 times. These upbeat results, along with a $75 million special dividend and a higher quarterly payout, appeared to lift investor sentiment.
Methanex, Strathcona Resources, and Constellation Software were also among the day’s top gainers on the Toronto Stock Exchange, as they climbed by more than 5% each.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Baytex Energy, Suncor Energy, Cenovus Energy, and Capstone Copper were the five most active stocks.
TSX today
West Texas Intermediate (WTI) crude oil futures prices zoomed past US$80 per barrel in early Friday trading, reflecting continued concerns about disruptions to global energy supplies. The surge comes as tanker attacks and shipping delays near key Middle East export routes keep markets on edge. While this could lead to a spike in shares of energy companies at the open today, overall market sentiment may remain chaotic as investors continue to assess the broader economic impact of the escalating U.S.-Israel-Iran conflict.
While no major domestic economic releases are scheduled, market participants will likely keep a close eye on the latest monthly retail sales figures and jobs data from the United States for additional cues about consumer strength and labour market conditions.
On the corporate events front, the TSX-listed Algonquin Power & Utilities and AltaGas will release their latest quarterly earnings reports before the market opening bell today, keeping their shares in focus.