Canada Stocks: TSX hits 12-day low as tech, metal miners fall

Celestica

18/08/2026 21:23

Updates at market close
By Sudeshna Ghoshal and Fergal Smith
TORONTO, Aug 18 (Reuters) - Canada's main stock index fell to a 12-day low on Tuesday as bond yields climbed globally and hopes faded of a U.S.-Iran peace deal, with technology and metal mining shares posting some of the biggest declines.
The S&P/TSX Composite Index .GSPTSE ended down 299.99 points, or 0.8%, at 36,367.93, its third straight day of declines and the lowest closing level since August 6.
Long-term borrowing costs from the U.S. to Japan and Germany rose to their highest levels in decades, as renewed inflation worries added to lingering concerns about fiscal pressures across major economies, dealing bond markets a fresh blow.
"Bond market at yield levels like this does start to compete for capital with the stock market and could put pressure on stock prices if we keep seeing this," said Brian Madden, chief investment officer at First Avenue Investment Counsel.
U.S. crude oil futures CLc1 settled 0.5% higher at $84.94 a barrel as Iran said it would adopt a more offensive stance and the Strait of Hormuz would remain closed, and Washington ruled out extending a ceasefire. Elevated energy prices have worsened the inflation outlook.
Another concern for investors was the approaching deadline on Wednesday for the U.S. to impose new 50% tariffs on a wide range of Canadian goods. 
"Investors are sort of watching and waiting on that fairly closely, tentatively," Madden said.
Wall Street also closed lower with semiconductors leading technology declines.
The TSX's materials group .GSPTTMT, which includes metal mining shares, fell 2.2%. Gold XAU was down 1.6%.
Heavily weighted financials .SPTTFS lost 1.1% and technology .SPTTTK ended 2.3% lower.
Shares of data center developer Keel Infrastructure KEEL.TO tumbled 15.6% to a three-and-a-half-month low, while shares of electronic equipment company Celestica CLS.TO were down 8.4%.
Four of the 10 major sectors ended higher, including energy .SPTTEN. It added 1.2%.

 (Reporting by Fergal Smith in Toronto and Sudeshna Ghoshal in Bengaluru; Editing by Maju Samuel and Alistair Bell)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))