TSX Market Today: Energy Drags, Banks Hold, and Retail Resilience Keeps the Tape in Check

Key Highlights:

• TSX slips -34.93 points to 25,048.39, weighed down by energy and mining stocks
• Bank stocks show mixed movement; CIBC edges up while BMO and TD decline
• Shopify and Metro outperform amid broader weakness
• Market breadth negative: 1,110 decliners vs. 351 advancers

The TSX Composite Index edged lower in mid-Friday trade, down 34.93 points to 25,048.39, as weakness in energy, utilities, and materials outweighed strength in select consumer and tech names. Volume on the TSX surpassed 178 million shares, and decliners outnumbered gainers by more than 3 to 1, reflecting a cautious tone across sectors.

While the broader index stayed within a tight intraday range (25,046.08 - 25,082.65), sector rotation and selective buying painted a more nuanced picture beneath the surface.

Market Movers Snapshot

Sectors at a Glance

TSX Market Breadth – March 21, 2025

The skewed market breadth highlights the pressure building beneath headline numbers. Declines in cyclical names and materials were the dominant force, while defensive sectors like consumer staples and telecoms offered minimal shelter.

Retail Stays Resilient Amid Broader Weakness

Loblaw and Metro Inc. stood out as strong performers in today’s session, rising over 1% as investors rotated into defensive names amid rising uncertainty in rate policy and global demand. These two staples have become go-to safe havens for TSX watchers this quarter.

Energy and Miners Pull the Index Lower

Energy names saw across-the-board selling, as oil prices remain volatile. Canadian Natural Resources (CNQ) and Suncor (SU) both dropped close to -2%, while pipeline majors like Enbridge (ENB) and Pembina (PPL) struggled to hold prior week gains. Meanwhile, mining heavyweights like Barrick Gold, Wheaton, and Teck Resources also dragged the materials sector into negative territory, shedding between 1.5% to 3.3%.

Bank Stocks Mixed, CIBC Gains as TD and BMO Lag

Bank earnings may be behind us, but market participants continue to digest sector positioning amid evolving macro signals. While CIBC inched up by +0.04%, TD Bank fell nearly 1%, and Bank of Montreal (BMO) lost -1.46%.

Futures Check – Mild Uptick in Canadian Government Bonds

Bond prices inched higher, suggesting a modest flight to safety as investors rotated out of riskier equity sectors.

Closing Thoughts

Today’s session reflects classic pre-quarter-end hesitancy. Traders are picking their spots while staying cautious on energy and materials. With over 1,100 TSX names in the red, the mood leans defensive despite isolated strength in banks and retailers.

Until we see a stronger catalyst—either earnings surprises, economic clarity, or a sector-wide reversal—volatility is likely to stay the name of the game for Canadian equities.