Canada Stocks: TSX extends daily losing streak as metal mining shares fall

CGI

29/04/2026 21:56

TSX ends down 0.8% at 33,318.39,

Bank of Canada holds benchmark rate at 2.25%

Materials group loses 2.3% as gold falls

Oil settles nearly 7% higher boosting energy

Updates at market close

By Fergal Smith

April 29 (Reuters) - Canada's main stock index fell on Wednesday to a three-week low, as rising uncertainty about the duration of the Middle East conflict unnerved investors, with railroad and metal mining shares among the biggest decliners.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 265.95 points, or 0.8%, at 33,318.39, marking its lowest closing level since April 7. It was the fifth straight daily decline for the index, the longest losing streak since December 2024.

     "Middle East tensions are resurfacing ... so we have more of a risk-off environment," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James.

U.S. President Donald Trump discussed how to mitigate the impact of a possible months-long U.S. blockade of Iran's ports with oil companies, a White House official said.

"As this war drags on, the inflation expectations continue to rise up and that's going to cause markets to price in interest rate hikes from central banks," Dehal said.

The Bank of Canada left its benchmark interest rate on hold at 2.25% but said if oil prices stayed high and began pushing up inflation, it might have to respond with consecutive rate hikes.

At least two rate increases this year have been priced into the market by investors. 0#CADIRPR

The materials sector .GSPTTMT, which includes Canadian metal miners, was down 2.3%. The price of gold XAU= fell 1.1% to hit a near one-month low as the U.S. Federal Reserve kept rates unchanged as expected.

Industrials lost 1.6%, with shares of Canadian National Railway Co CNR.TO down 6% after the company's earnings missed estimates.

CGI Inc GIBa.TO met earnings expectations. Still, shares of the information technology consulting services company ended 10.8% lower.

Energy .SPTTEN added 2.7% as the price of oil CLc1 settled nearly 7% higher at $106.88 a barrel.

 (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore, Shreya Biswas and David Gregorio)

 ((tharuniyaa@thomsonreuters.com))