Canadian stocks fell broadly Thursday, with the S&P/TSX Composite Index down 2.03% as technology, financial and energy shares declined, carrying the Toronto selloff beyond a single sector.
The benchmark closed at 35,605.27 points after losing 736.13 points by the 4 p.m. ET close, TMX market data showed. The Nasdaq Composite fell 5.52% on Nov. 5. Reuters reported the TSX’s decline was its steepest daily fall since June 5. A TMX report recorded a 2.28% decline on June 5.
Toronto’s information technology index dropped 3.77%, financials fell 3.19% and energy shares lost 2.45%. Celestica Inc. declined 12.66% to C$288.43, while Shopify Inc. fell 5.40% to C$201.23. The Nasdaq’s loss exceeded the decline in Toronto’s technology index. The gold index rose 18.34 points.
Sadiq Adatia, chief investment officer at BMO Global Asset Management, told Reuters there was “a bit of nervousness on the technology side.”
Gildan Activewear Inc. fell 18.86% to C$49.04 after reporting US$1.47 billion in third-quarter sales from continuing operations for the quarter ended Sept. 27, below its own guidance of about US$1.65 billion. The company lowered its 2026 revenue outlook to US$5.4 billion-US$5.5 billion from a previous range of US$6 billion-US$6.2 billion and withdrew its 2026-2028 objectives.
Gildan cited softer apparel demand, lower customer replenishment and product availability constraints. President and CEO Glenn J. Chamandy said, “The demand recovery we had anticipated has not materialized as expected.” At an investor day planned for spring 2027, the company expects to present a revised longer-term outlook.
Sun Life Financial Inc. shares fell 10.21% to C$102.83. For the quarter ended Sept. 30, the insurer reported C$1.146 billion in underlying net income, up 9% from a year earlier, while reported net income declined 29% to C$785 million.
