The S&P/TSX Composite Index slipped about 0.3% to below 31,850 on Friday, as escalating geopolitical tensions in the Middle East and a more hawkish outlook for central banks pressured the resource‑heavy Canadian market.
Investors responded to President Trump’s decision to extend the deadline for Iran to reopen the Strait of Hormuz to April 6th, a move that supported crude oil prices, fueled broader stagflation concerns, and pushed Canadian bond yields higher.
Energy heavyweights such as Canadian Natural Resources and Suncor advanced more than 2% on heightened war‑related supply worries. In contrast, the banking sector came under pressure, with RBC, TD, and BMO all posting losses amid rising concerns over credit demand risks.
Shopify and Cameco also came under selling pressure, each falling nearly 3%, underscoring a cautious tone in the market as the Bank of Canada contends with what appear to be lasting structural shifts in the economic landscape.
