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Key Points The TSX slipped 0.3% on Friday as weakness in mining, energy, and financial stocks weighed on the market. Ivanhoe Mines (TSX:IVN) revealed a 30% increase in contained copper at its Makoko District discovery, reaching roughly 12 million tonnes—expanding what it calls the world’s largest and highest-grade copper discovery of the past decade.
Canadian stocks turned negative on Friday as investors remained cautious ahead of Canada’s planned retaliatory tariffs on U.S. goods, which took effect after the Labour Day weekend. These factors, combined with weaker commodity prices, drove the S&P/TSX Composite Index down by 119 points, or 0.3%, to 36,514, marking a 40-point weekly decline.
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 stocks, each plunging by at least 4%. On the brighter side, BRP, Hammond Power Solutions, Curaleaf Holdings, and TerraVest Industries climbed by more than 4%, making them the session’s top-performing TSX stocks.
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 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.
Investor anticipation around the upcoming update on Ivanhoe Mines’ Western Forelands Exploration Project on September 8 helped lift IVN stock. Canadian Natural Resources, Suncor Energy, Enbridge, Telus, and Manulife Financial were the five most active stocks on the Toronto Stock Exchange.
Source: The Motley Fool Canada
