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Even with a 90-day tariff break for most countries and milder U.S. inflation data, Canadian stocks fell Thursday amid mounting trade tensions between Washington and Beijing. A day after posting its largest single-day percentage gain in over five years, the S&P/TSX Composite Index fell by 712 points, or 3%, for the day to settle at 23,015.
Although a recovery in metals prices took mining stocks higher, nearly all other sectors suffered losses as risk aversion returned to the forefront, with healthcare and technology among the hardest hit.
According to the U.S. Bureau of Labor Statistics, the Consumer Price Index rose 2.4% year over year in March 2025, at a slower pace than February’s 2.8%, offering some relief on the inflation front. However, the softer inflation print wasn’t enough to offset investor anxiety over the deepening U.S.-China trade standoff, which continued to overshadow macroeconomic data.
Top TSX Composite movers and active stocks
Methanex, Vermilion Energy, Bausch Health, and Baytex Energy were the worst-performing TSX stocks, with each plunging by at least 13%.
On the flip side, Fortuna Mining (TSX:FVI) climbed by 6.8% to $8.69 per share after the company announced strong preliminary production results for the first quarter of 2025. The Vancouver-based precious metals miner reported consolidated gold equivalent production of 103,459 ounces across its four operating mines in West Africa and Latin America.
While Fortuna’s first-quarter production marked a sequential decline, the results reaffirmed its full-year production guidance of 380,000 to 422,000 gold equivalent ounces. Besides these production results, surging gold and silver prices also boosted investor confidence and fueled FVI stock’s rally. So far in 2025, Fortuna Mining stock has now risen 41%.
Pet Valu Holdings, Osisko Gold Royalties, and G Mining Ventures also inched up by at least 5.8% each, positioning them among the top gainers on the Toronto Stock Exchange.
Based on their daily trade volume, Canadian Natural Resources, Baytex Energy, TC Energy, TD Bank, and Royal Bank of Canada were the most active stocks on the exchange.
TSX today
Metals prices across the board extended their rally in early trading on Friday, with spot gold trading at a fresh all-time high, which could help support the resource-heavy TSX at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor U.S. wholesale inflation data this morning for further clues on the Federal Reserve’s policy direction. Any sign of continued disinflation could provide a tailwind for equity markets.
More importantly, investor focus will remain on the broader trajectory of U.S.-China trade relations, as any signs of easing tensions could help restore market confidence and stabilize equity markets.
Market movers on the TSX today
