The S&P/TSX Composite fell about 0.7% to below 32,900, struggling to revisit record highs after the long weekend as steep declines in major commodity names outweighed support from softer inflation data. Pipeline and gold giants led the pullback: Enbridge fell roughly 4%, Barrick Gold dropped 2.6%, Agnico Eagle lost 2.2%, and Wheaton Precious Metals slid 3.7% after unveiling a $4.3 billion silver streaming agreement with BHP. Base metal producers also weakened in line with softer metals prices, including Teck Resources (-4%), Lundin Mining (-4.5%), and Ivanhoe Mines (-5.2%).
The energy sector was mixed, with Suncor down 0.5%, Imperial Oil off 1.1%, and Canadian Natural Resources edging slightly higher. In contrast, Shopify gained more than 3% as easing price pressures strengthened expectations for looser North American monetary policy. Canada’s January CPI slowed to 2.3%, below both the 2.4% consensus forecast and the Bank of Canada’s 2.5% projection, while core inflation measures also ticked lower.
