Canada Stocks: TSX ends lower after flirting with 30,000 threshold

Shopify

23/09/2025 22:06

Updates at market close

TSX ends down 0.5% at 29,815.63

Posts intraday record high above 30,000

Technology falls 2.9% with Shopify down 4.5%

Industrials end 1.5% lower

By Fergal Smith

Sept 23 (Reuters) - Canada's main stock index pulled back on Tuesday from a record intraday high, ultimately ending lower as industrial and technology shares lost ground.

The S&P/TSX composite index .GSPTSE ended down 143.35 points, or 0.5%, at 29,815.63. During the session the index traded above the 30,000 threshold for the first time after posting a record closing high on Monday. It has advanced 20.6% since the start of the year.

"In spite of our difficult trading arrangement with the United States, the whole world needs what we have and that's energy, copper, gold and who doesn't want to buy an oligopoly of bank stocks," said Matt Skipp, President of SW8 Asset Management.

Five banks dominate the domestic lending market. Financials account for roughly one-third of the TSX's market capitalization, while resource shares make up an additional 32%.

Bank of Canada Governor Tiff Macklem said the new global uncertainty, triggered in part by U.S. tariffs, underscored the need for Canada to boost productivity and find new foreign markets.

Last week, the central bank eased interest rates for the first time since March to support the economy, lowering its benchmark rate by 25 basis points to 2.50%.

Wall Street also ended lower on Tuesday.

The Toronto market's industrials sector .GSPTTIN fell 1.5% and technology .SPTTTK lost 2.9%. Shares of e-commerce company Shopify Inc SHOP.TO were down 4.5%.

Energy .SPTTEN was a bright spot, rising 1.1%. The price of oil CLc1 settled 1.8% higher at $63.41 a barrel after a deal to resume exports from Iraq's Kurdistan stalled.

(Reporting by Fergal Smith and Twesha Dikshit; Editing by Shreya Biswas and David Gregorio)

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