Canada Stocks: TSX down as gold prices pressure miners; Telus tumbles

Eldorado Gold

31/07/2026 16:23

Miners pressured by gold prices
TELUS biggest loser, posts Q2 loss and halves dividend
May GDP rises 0.3%
By Sudeshna Ghoshal
July 31 (Reuters) - Canada's main stock index opened lower on Friday, weighed down by weaker mining shares as gold prices fell, while Telus dropped after the telecom firm cut its full-year service revenue outlook.
The Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 0.5% by 10:37 a.m. ET, but remained on track to post its fourth straight monthly gain.
Heavyweight miners were among the worst hit, slipping over 2%, as gold prices slipped against a stronger dollar. Eldorado Gold ELD.TO , Southern Cross Gold Consolidated SGXC.TO and DPM Metals DPM.TO were among the biggest laggards, down between 5.1% and 7.4%.
Spot gold XAU= was down 1.5%, while silver XAG= fell more than 2%.GOL/
Telus Corp T.TO slumped more than 11%, leading losses on the benchmark index after it reported a second-quarter loss and reset its quarterly dividend, cutting annualized payout by 55% to focus on debt reduction.
Investors were also assessing GDP data that showed the Canadian economy grew by a greater-than-expected 0.3% in May and looks set to turn in its best annualized quarterly performance for more than three years.
Meanwhile, energy shares .SPTTEN were up 0.5% after oil prices rose over 1% as reports that some tankers were forced to turn around in the Strait of Hormuz prompted traders to reassess shipping flows through the key waterway.O/R
"Energy had a nice run. It is an opportunity as well for clients to take some money off the table and shift," said Michael Constantino, CEO of Webull Canada.
Financial .SPTTFS and consumer staple shares .GSPTTCS were also up 0.4% and 1.2% respectively.
In company news, Imperial Oil IMO.TO, EnbridgeENB.TO and TC Energy TRP.TO all beat second-quarter profit estimates.
Separately, retailer Alimentation Couche-Tard ATD.TO said on Friday it plans to buy Poland's Zabka ZAB.WA for about $8.7 billion. The deal is expected to close by December 2026.

 (Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Diti Pujara)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))