Canada Stocks: TSX retreats from record high as mining shares slide

BlackBerry

16/07/2026 21:43

TSX ends down 0.2% at 35,340.15
Miners slide as gold drops
BlackBerry shares hit three-week low
Industrials add 2.1%
Updates at market close
By Fergal Smith

    TORONTO, July 16 (Reuters) - Canada's main stock index fell on Thursday as financial and metal mining shares lost ground, with the index pulling back from a record closing high the previous session.
The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE ended down 76.05 points, or 0.2%, at 35,340.15.
The S&P 500 and the Nasdaq posted steeper declines as renewed weakness in chip stocks overshadowed an upbeat start to second-quarter earnings.
"Not a good day for the markets," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "This started overnight. The Asia-Pacific markets sold off, Europe wasn't that great and North America has been accelerating down."
The TSX's materials sector .GSPTTMT, which includes metal mining shares, dropped 3.4% to the lowest level since November.
The price of gold XAU= hit a two-week low as investors worried that escalating Middle East tensions could raise inflation concerns and lead to tighter monetary policy from the Federal Reserve.
"The precious metals have been in retreat," Cieszynski said. "There's no pressure on the Fed to cut rates and if anything the pressure has probably shifted to them raising rates."
Financials .SPTTFS and technology .SPTTTK both ended 0.4% lower.
BlackBerry Ltd BB.TO was the biggest decliner. Shares of the systems software company tumbled 14.2% to a three-week low.
Six of the 10 major sectors ended higher, including industrials, which added 2.1%.
TFI International TFII.TO was a standout. The stock of the transportation and logistics company jumped 7.3% after a rating upgrade from Scotiabank.
Energy .SPTTEN edged up 0.1%. The price of oil CLc1 settled 0.8% lower at $78.95 a barrel but remained near the highest since mid-June.

 (Reporting by Fergal Smith in Toronto and Sudeshna Ghoshal in Bengaluru; Editing by Shreya Biswas and Deepa Babington)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))