Canadian equities experienced heightened volatility on Thursday as investors continued to assess the latest interest rate decisions by central banks on both sides of the border, ongoing uncertainty surrounding Canada-U.S. trade negotiations, and fresh corporate earnings. Amid these developments and weaker metals prices, the S&P/TSX Composite Index ended a volatile session 16 points lower at 36,249, bringing its three-day rally to an end.
Even as strong gains in many key sectors like healthcare, utilities, and financials helped support the broader market, weakness in tech and mining stocks amid falling metals prices prevented the TSX benchmark from extending its winning streak.
Top TSX Composite movers and active stocks
Allied Properties REIT (TSX: AP.UN) tanked by 19% to $4.32 per unit, making it the worst-performing TSX stock for the day. The selloff came after the Toronto-based real estate investment trust (REIT) announced a massive 90% cut to its monthly distribution, reducing it from $0.06 to $0.006 per unit starting in November to save roughly $126 million annually for debt repayment.
Allied’s third-quarter rental revenue fell 6.6% year-over-year (YoY), while operating income declined 15.3%. More concerningly, the REIT’s funds from operations (FFO) plunged 42.8% to $36.5 million, as it also lowered its full-year FFO outlook and raised its interest expense forecast. The steep distribution cut, weakening cash flows, and reduced earnings outlook triggered the sharp selloff in Allied stock.
Alamos Gold (TSX: AGI) also dived more than 9% following the release of its third-quarter 2026 financial results, which highlighted lower gold production, rising costs, and delays at key expansion projects. The Toronto-based gold miner’s quarterly gold production fell 16% YoY, despite record output from its Island Gold District. More importantly, Alamos Gold’s all-in sustaining costs in the latest quarter jumped 42%, while free cash flow declined 42%, hurting investor sentiment.
Mining stocks like Southern Cross Gold and Kinross Gold also slipped by at least 6.3% each, making them among the session’s bottom performers on the Toronto Stock Exchange.
On the brighter side, shares of Bausch Health Companies (TSX: BHC) skyrocketed by 28% to $12.41 apiece after the Canadian pharmaceutical giant posted strong third-quarter financial results and raised its full-year guidance.
Bausch Health’s quarterly revenue rose 10% YoY last quarter, backed by strong growth in its Salix pharmaceutical business and Bausch + Lomb segment. The company’s net profit surged to US$436 million from US$179 million a year ago. These strong earnings, improving cash flows, and an upgraded financial outlook fueled the sharp rally in BHC stock.
RB Global, FirstService, and GFL Environmental were also among the day’s top-performing TSX stocks, with each climbing by at least 3.3%.
Based on their daily trade volume, Whitecap Resources, Allied Properties REIT, B2Gold, BCE, and Telus were the five most active stocks on the exchange.
TSX today
West Texas Intermediate (WTI) crude oil futures prices jumped to their highest level in over a month in early Friday trading as renewed geopolitical tensions in the Middle East raised concerns about potential disruptions to global energy supplies. At the same time, gold, silver, and copper prices extended their losses in early trading.
Higher crude oil prices could reignite inflation concerns and keep investors cautious about the possibility of further interest rate hikes by the Bank of Canada. Meanwhile, continued weakness in metals prices could weigh on TSX mining shares at the open today, potentially offsetting gains in the energy sector.
On the economic front, Canadian investors will closely monitor the monthly gross domestic product (GDP) report this morning.
On the corporate events side, TSX-listed Imperial Oil, Magna International, Cameco, and Canadian National Railway are expected to announce their latest quarterly results on Friday.
Overall, mixed commodity signals could keep the TSX volatile on Friday as investors also assess economic data, geopolitical developments, and fresh earnings reports.
