Canada Stocks: Toronto stocks notch intraday record high on mining, energy boost

Discovery Mining

22/07/2026 16:43

Energy, mining shares climb
Montage Gold Corp, Vermilion Energy among top gainers
Tech shares fall ahead of U.S. Big Tech earnings
By Sudeshna Ghoshal
July 22 (Reuters) - Canada's main stock index briefly hit an intraday record high on Wednesday, boosted by mining and energy stocks as commodity prices climbed, while investors assessed developments in the U.S.-Iran conflict and new U.S. tariffs on Canadian imports.
The S&P/TSX Composite Index .GSPTSE was up 0.8% at 35,659.60 points by 10:45 a.m. ET, briefly hitting an intraday record high of 35,730.84 earlier in the session. 
Heavyweight materials shares .GSPTTMT advanced 3.5%, on track for a second straight session of gains, as gold edged higher against a softer dollar. GOL/
NovaGold Resources NG.TO, Montage Gold MAU.TO and Discovery Mining DSV.TO rose 7.6% to 9.5%, leading gains in the main TSX index.
Energy stocks .SPTTEN gained 1.2%, tracking a more than 2% jump in oil prices on mounting concerns over disruptions to Middle Eastern supply routes tied to escalating U.S.-Iran hostilities and threats to shipping from the Iran-backed Houthi militia in Yemen.
"Today is looking promising for Canada because commodity prices are doing well with the exception of copper, and that could hurt the base metal producers. But the precious metals and the energy companies could have a really good day today," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Six of the index's 10 major sectors traded higher. Global gas producer Vermilion Energy VET.TO jumped 10% after TD Cowen upgraded the stock's rating.
On the downside, technology stocks shed 1.9% ahead of earnings from U.S. big technology companies including Alphabet GOOGL.O and Tesla TSLA.O. The reports are due after the closing bell.
Shopify SHOP.TO and Descartes Systems Group DSG.TO fell over 3% each.
Prime Minister Mark Carney said late Tuesday he and Donald Trump agreed to intensify trade negotiations after the U.S. president unveiled plans for 50% tariffs on a wide range of Canadian imports.
Cieszynski said there could be uncertainty around the manufacturing and auto sectors until the trade negotiations are completed.

 (Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Sahal Muhammed)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))