04:29 PM EDT, 09/24/2025 (MT Newswires) -- The Toronto Stock Exchange closed lower Wednesday, falling for second straight day after breaching the 30,000 level earlier in the session as sectors were mixed and even Blackberry, once a market darling, failed to whip up a whole lot of market enthusiasm ahead of its second quarter results tomorrow.

The S&P/TSX Composite Index closed down 58.68 points to 29,756.95 despite elevated commodity prices. It added to the 143.35 points lost Tuesday amid profit taking after the index posted a record close of 29,958.98 on Monday. Among sectors, Base Metals was up 1.8% and Energy up 1.3%, while the Battery Metals Index was down near 1%.

On sectors, Marius Jongstra, a market strategist at Rosenberg Research provided some earnings color, both for the upcoming earnings season and on a long-term basis. While Jongstra's note was focused on the U.S., it will likely be of some interest to those who invest across North America.

Among key takeaways, Jongstra said the positive tone to guidance ahead of the third-quarter earnings season is not widespread at the sector level, adding only Tech and Health Care experienced meaningful net positive sentiment scores; Consumer Discretionary, Utilities, Materials, and Consumer Staples were clear negatives.

Compared to analyst estimates since June 30, Jongstra noted an "attractive setup and divergence" in Health Care, and also noted Consumer Discretionary "looks ripe for a negative surprise". He said: "Overall, while earnings growth remains resilient (and with the potential for upside surprise), an obvious lack of sector breadth calls the longevity into question, especially benchmarked against where we are in the profits cycle."

Among individual stocks, Blackberry (BB.TO, BB) closed up $0.04, or 0.7%, to $5.93. RBC Capital Markets in a recent note reiterated its sector-perform rating and its US$4.00 price target on the company ahead of its fiscal second-quarter financial results Thursday morning.

RBC believes BlackBerry "may report Q2 slightly above RBC/consensus, as the macro environment has been more stable than what was reflected in the company's relatively conservative guidance". It said the company's Q2 revenue "may slightly exceed" RBC/consensus at US$125 million/US$122 million, and Q2 adjusted earnings per share "may also come in above" RBC/consensus at US$0.01.

"We expect BlackBerry to likely reiterate FY26e revenue guidance, though may raise FY26e adj. EBITDA guidance on continued cost restraint," said analyst Paul Treiber. "Maintain Sector Perform, as we expect BlackBerry's valuation to remain discounted pending improved visibility to sustained growth.

RBC believes a sustained upwards re-rating is dependent on strengthening IoT growth and realization of improved profitability.

Of commodities, gold for December delivery was down $48.80 to US$3,767.30 per ounce after closing at the highest ever a day prior. The price of the metal has risen 12% over the last month, pushed up by last week's 25 basis point cut to U.S. interest rates by the Federal Reserve and expectations more cuts will come from the central bank before year end. Safe-haven buying amid capricious U.S. policies and continued geopolitical risk amid Russia's war on Ukraine and violence in the Middle East also offer support.

West Texas Intermediate crude oil rose for a second day, buoyed by a drop in U.S. inventories last week and supply shortfalls. November delivery closed up $1.58 to settle at US$64.99 per barrel, the highest since Sept.2, while November Brent oil was last seen up $1.58 to US$69.21.