By Adriano Marchese
Indexes in Toronto were sharply lower as the war in the Middle East continues, with President Trump suggesting that the conflict could extend for weeks.
While the decline eased from earlier Tuesday, the TSX Composite Index hadn't seen a decline that steep since early April when Trump announced sweeping tariffs.
Canada's S&P/TSX Composite Index were 2.7% lower at 33618.38, easing up from a low of 331336.51 earlier in the morning. The blue-chip S&P/TSX 60 was also sharply lower, down by 2.4% to 1938.21, also recovering from morning lows.
Mining companies were among the hardest hit, in step with falling gold prices. Energy stocks were the few gainers of the session amid rising oil prices and rising supply uncertainty.
Other notable declining sectors were retail and manufacturing.
Pet Valu Holdings shares fell by 13% to 24.60 Canadian dollars ($17.99). The company said that intensifying competition coupled with value-seeking consumer behavior and declining store traffic weighed on fourth-quarter sales. The company said it expects the headwinds to continue through 2026.
Other market movers:
Paramount Resources shares were up 5.8% to C$28.95 after it lifted its production guidance for the year to reflect the performance of its Willesden Green Duvernay development and after expanding its land positions at Willesden Green and at its Sinclair Montney development.
Galaxy Digital Holdings stock was down 4.2% C$28.48 after the company said it would delist from the Toronto Stock Exchange, maintaining only its Nasdaq listing.
Shares of Canadian apparel retailer Roots is bucking the trend after it said it is considering a potential sale as part of a strategic review of alternatives nine years after going public. Shares rose 9% to C$3.28.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
03-03-26 1248ET
