The S&P/TSX Composite Index hovered around the 36,000 mark on Monday, pausing after hitting a record high in the previous session, as investors weighed uncertainty over US-Iran negotiations and a new round of corporate results. Barrick Gold dropped nearly 9% after posting second-quarter earnings and revenue that missed forecasts. Franco-Nevada (-1%) and Constellation Software (+2%) are scheduled to release their results tomorrow.
Markets are also digesting last week’s stronger-than-expected Canadian employment data, which showed a gain of 75,100 jobs in July and a third consecutive monthly decline in the unemployment rate, to 6.4%. The continued strength of the labor market could encourage a more hawkish policy stance from the Bank of Canada. Meanwhile, oil prices advanced amid persistent uncertainty over efforts to reopen the Strait of Hormuz, while gold prices slipped.
