TSX Down Sharply; Materials Stocks Tumble
(RTTNews) - The Canadian market is down sharply in negative territory Friday afternoon due to a sell-off in materials stocks. Concerns about growth after Bank of Canada Governor Tiff Maclem warned that spillovers from U.S. President Donald Trump's tariff policies could weaken the economy.
Concerns about the health of regional banks in the U.S. appear to be weighing as well on sentiment.
Zions Bancorporation, a Utah-based lender, said on Thursday that it would write off $50m on two loans, while Phoenix-headquartered Western Alliance said it had started legal proceedings over a bad loan said to be worth $100m.
The benchmark S&P/TSX Composite Index was down 334.43 points or 1.1% at 30,124.37 a little while ago. The index had tumbled to 30,030.92 earlier in the session.
The Materials Capped Index is down more than 6%. Only three stocks from the index - Ccl Industries, Nutrien and Winpak, are up in positive territory.
Orla Mining, Endeavur Silver Corp, Perpetua Resources Corp, G Mining Ventures, Aya Gold & Silver, Skeena Resources, Iamgold, Ssr Mining, Kinross Gold Corp, First Majestic Silver Corp and K92 Mining are down 8 to 11%.
In the economic news, foreign investors increased their holdings of Canadian securities by C$25.9 billion in August 2025, slightly below July's C$26.7 billion.
Canada's investment in foreign securities rose by C$19.5 billion in August 2025, gaining momentum from C$17.4 billion in July.
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