Canada Stocks: TSX pulls back from six-week high as consumer-related shares fall

Choice Properties Real Estate Investment Trust

16/04/2026 21:42

TSX ends down 0.3% at 34,052.23

Consumer staples sector loses 1.4%

Real estate shares gain after First Capital acquisition

Energy adds 1% as oil settles 3.7% higher

Updates at market close

By Fergal Smith

TORONTO, April 16 (Reuters) - Canada’s main stock index edged lower on Thursday as investors weighed the potential economic cost of elevated oil prices, with declines for consumer-related shares offsetting gains for energy and real estate.

The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE ended down 103.76 points, or 0.3%, at 34,052.23.

On Wednesday, the TSX posted its highest closing level since March 2 on rising hopes of a resolution to the conflict in the Middle East that has disrupted energy supplies globally.

"We do think that the market is overly optimistic at looking through these issues," said Ben Jang, a portfolio manager at Nicola Wealth.

"The longer the uncertainty with oil - not only will prices continue to stay high but the prolonged conflict creates deeper scars within the marketplace which makes it more difficult for oil prices to come down quickly."

 The price of oil CLc1 settled 3.7% higher at $94.69 a barrel.

The consumer staples sector .GSPTTCS fell 1.4%, with shares of Loblaw Companies Ltd L.TO down 1.9% at their lowest closing level since January 7.

Industrials .GSPTTIN lost 0.8% and heavily weighted financials .SPTTFS ended 0.5% lower.

Real estate investment trust Choice Properties CHP_u.TO and private-equity firm KingSett Capital will acquire First Capital REIT FCR_u.TO in a cash-and-stock deal worth about C$9.4 billion ($6.85 billion) including debt, the companies said.

"We think that this is a very positive sign for the commercial market place," Jang said. "We've had a really prolonged stretch where rate volatility and repricing of markets have led to compressed deal activity."

Shares of First Capital climbed 8%, which helped lift the real estate sector by 1.3%.

The energy sector .SPTTEN tracked crude prices higher, adding 1%.

European buyers are exploring the possibility of purchasing liquefied natural gas from Canada's Pacific coast and shipping it through the Panama Canal as part of a long-term strategy to diversify supply, Reuters reported on Wednesday.

 (Reporting by Fergal Smith in Toronto and Tharuniyaa Lakshmi in Bengaluru; Editing by Jonathan Ananda and Nick Zieminski)

 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))