TSX Flat as Banks Nearly Offset Energy Losses
The S&P/TSX Composite Index traded nearly flat around the 36,000 mark on Monday amid losses in the energy sector and gains among major banks. Oil prices declined on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly in New York this week, and US President Trump has said he would be open to meeting him. Energy producers posted losses, with Canadian Natural and Suncor shedding nearly 2% each. Miners were also mostly lower as gold prices eased, with WPM and Franco-Nevada losing about 1%. Meanwhile, yields eased as the halt in the oil rally cooled concerns over spreading inflationary pressures from energy costs, lending some support to credit-sensitive shares. Major banks rose, with RBC, TD Bank, BMO, Scotiabank, and CIBC advancing nearly 1%, limiting losses in the index. Market participants await BoC Governor Macklem’s speech later in the day for clues on the bank’s future policy.
The S&P/TSX Composite Index traded nearly flat around the 36,000 mark on Monday amid losses in the energy sector and gains among major banks. Oil prices declined on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly in New York this week, and US President Trump has said he would be open to meeting him. Energy producers posted losses, with Canadian Natural and Suncor shedding nearly 2% each.
Miners were also mostly lower as gold prices eased, with WPM and Franco-Nevada losing about 1%. Meanwhile, yields eased as the halt in the oil rally cooled concerns over spreading inflationary pressures from energy costs, lending some support to credit-sensitive shares. Major banks rose, with RBC, TD Bank, BMO, Scotiabank, and CIBC advancing nearly 1%, limiting losses in the index. Market participants await BoC Governor Macklem’s speech later in the day for clues on the bank’s future policy.