FX.co ★ TSX Struggles for Direction

The S&P/TSX Composite Index remained relatively steady at approximately 26,500 on Monday. This balance resulted from stable commodity prices being countered by concerns over both global and domestic challenges. High oil prices, driven by fears of Iranian retaliation and potential disruptions in the Strait of Hormuz, supported major energy firms like Canadian Natural, Suncor, Imperial Oil, and Cenovus. Meanwhile, gold-related mining companies such as Agnico Eagle, Wheaton Precious, Barrick Gold, and Franco-Nevada experienced an uptick of over 0.5% due to increased demand for safe-haven assets. In contrast, leading e-commerce company Shopify saw a decline of more than 1.5%, influenced by U.S. strikes on Iranian nuclear facilities and uncertainties surrounding Canada–U.S. trade negotiations. These factors contributed to a cautious market environment, particularly affecting the financial and industrial sectors.