Canada Stocks: Toronto futures gain as gold rallies; earnings in focus

PHX Energy Services

05/08/2026 12:46

Adds Shopify quarterly results
Aug 5 (Reuters) - Futures tracking Canada's commodity-heavy stock index edged higher on Wednesday, as gold prices hit a one-month peak and oil prices rose, while investors digested fresh corporate earnings.
September futures tracking the S&P/TSX Composite index SXFc1 were up 1.4% at 7:27 a.m. ET, following the benchmark's record high on Tuesday.
Gold was up more than 2% at a one-month high, as hopes for a U.S.-Iran peace deal tempered some inflation concerns. Spot silver XAG= surged 3.8%. GOL/
U.S.-listed shares of miner Kinross GoldK.TO rose 3.9% in premarket trading.
On the earnings front, Shopify SHOP.TO forecast quarterly revenue above Wall Street estimates on Wednesday, with U.S. listed shares of the e-commerce platform jumping over 25%. 
At the same time, Thomson Reuters TRI.TO beat second-quarter profit and revenue estimates and raised its annual revenue growth forecast.
In commodities, oil prices also gained after Yemen's Iran-backed Houthi rebels said they attacked a Saudi oil tanker in the Red Sea, dampening hopes that easing tensions with Iran could help restore shipping traffic and oil flows in the region. O/R
Brent crude futures LCOc1 were up 1.3% at $80.66, while West Texas Intermediate futures CLc1 added 0.7% to reach $76.37.
Suncor Energy SU.TO beat second-quarter adjusted profit estimates, while insurance and wealth manager iA Financial IAG.TO topped quarterly core EPS estimates late on Tuesday.
The latest results add to a busy earnings season, with PHX Energy PHX.TO and Dexterra Group DXT.TO having also reported results after market close on Tuesday.
Separately, oil and gas producer Gran Tierra Energy GTE.TO said on Wednesday it had agreed to sell its Colombian and Ecuadorean oil operations to France's Maurel & Prom MAUP.PA for $1.33 billion, including debt.
     
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 (Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Jonathan Ananda)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))