Canada Stocks: TSX retreats from record high as fall in gold drags miners lower

BlackBerry

16/07/2026 16:37

BlackBerry shares hit three-week low
Miners down as gold slips
TFI International top gainer
By Sudeshna Ghoshal

    Juy 16(Reuters) - Canada's main stock index fell on Thursday, retreating from a record high in the previous session, as slipping gold prices weighed on mining stocks. 
The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE was down 0.1% at 35,376.24 points by 11:00 a.m. ET.
The heavily weighted materials sector .GSPTTMT, which includes miners, dropped 3.6% as gold hit a two-week low amid renewed inflation concerns tied to uncertainty over the Middle East conflict. 
Spot gold XAU= and silver XAG= fell 1.6% and 3%, respectively. GOL/
5N Plus VNP.TO, Americas Gold and Silver USA.TO and AbraSilver Resource ABRA.TO were among the biggest decliners, falling 6% to 7%.

        BlackBerry BB.TO fell to a three-week low, leading losses in the technology sector, which dropped 0.8%.
      

        TFI International TFII.TO emerged as the top gainer, rising 6% after a rating upgrade by Scotiabank.

        The energy sector .SPTTEN rose 0.4% as oil prices advanced on concerns over potential supply disruptions from escalating tensions in the Middle East.O/R
Investors were also monitoring USMCA talks. U.S. Trade Representative Jamieson Greer said on Wednesday that talks with Mexico had made progress, while negotiations with Canada had yet to yield concessions sought by President Donald Trump.

        "Whether it's a three-way deal like we had before, or it's a two-way deal that Canada negotiates its own direct deal with the U.S....either way, I anticipate that it's either going to be similar or perhaps slightly worse; that would be my best-case scenario," said Sartorial Wealth CEO Shiraz Ahmed.
      
The Trump administration said earlier this month it would not renew the USMCA trade agreement, but that the pact would remain in effect until the issues were resolved or the agreement terminated.
On the domestic front, Canadian housing starts came in below expectations in June, according to data from the national housing agency.

 (Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Shreya Biswas)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))