Canada Stocks: TSX ends higher as oil jumps, lifting energy shares

Cenovus Energy Incorporation

07/07/2026 21:32

TSX ends up 0.2% at 35,272.59
Energy adds 3% as oil settles up 2.8%
Materials group loses 3.4% as gold falls
Canada's trade surplus widens to four-year high
Updates at market close
By Sudeshna Ghoshal and Fergal Smith

    July 7 (Reuters) - Canada's commodity-linked main stock index edged higher on Tuesday as a jump in oil prices boosted energy shares, offsetting concern about a global selloff in semiconductor stocks.
The Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE ended up 60.27 points, or 0.2%, at 35,272.59, after earlier touching its highest level since June 17.

        Chip stocks tumbled across the world despite memory chip giant Samsung Electronics <005930.KS reporting a 19-fold jump in second-quarter operating profit and surpassing its combined earnings over the past three years.
"We are in for a more choppy phase, but earnings continue to provide strong support," said Angelo Kourkafas, senior global investment strategist at Edward Jones Investments. "The energy sector can provide some hedge against different scenarios." 
The energy sector .SPTTEN rose 3% to a two-week high, helped by gains for Cenovus Energy CVE.TO, Imperial Oil IMO.TO and Enbridge ENB.TO.
The price of oil CLc1 settled 2.8% higher at $70.44 a barrel and then extended gains post-settlement, after the U.S. revoked the general license that authorized the sale of Iranian crude oil. Reports of attacks on vessels near the Strait of Hormuz also revived fears of disruptions to tanker shipping.
Technology .SPTTTK was up 0.9%, with shares of application software company Open Text Corp OTEX.TO adding 3.2%, while consumer staples .GSPTTCS ended 1% higher.
Just two of 10 major sectors ended lower, including materials, which includes metal mining shares. It lost 3.4% as the price of gold XAU= fell.
Canada's trade surplus widened to a four-year high of C$4.24 billion ($2.98 billion) in May as exports rose for the fourth consecutive month.

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