The S&P/TSX Composite Index experienced a slight decline of 0.1%, closing at 29,028 on Monday. This dip interrupted a week-long trend of record-breaking performances, as gains among commodity producers were insufficient to counteract widespread losses. Significant downward pressure came from companies like Shopify, Thomson Reuters, and major railway operators Canadian Pacific and Canadian National, with their stock prices dropping between 0.7% and 1.6%.
In another development, CUPE flight attendants at Air Canada overwhelmingly rejected the airline's wage proposal, with a 99% disapproval rate on a 94.6% voter turnout. This result potentially heightens risks of renewed service disruptions and leads the dispute to mediation or arbitration, following a government mandate to return to work. The airline's stock, already under pressure, has fallen approximately 14% this year.
Conversely, mining companies showed strong performance, with Agnico Eagle, Wheaton Precious Metals, Barrick Mining, and Franco-Nevada seeing stock increases of 1.2% to 1.8%. The energy sector displayed mixed results, influenced by a resurgence in oil prices after OPEC+ announced a smaller-than-anticipated production increase, heightening concerns about potential US sanctions on Russian oil.
