Canada Stocks: TSX notches another record high as Iran tensions lift energy shares

Shopify

14/01/2026 21:54

TSX ends up 0.1% at 32,916.47

Surpasses Monday's record closing high

Energy gains 2.6% as oil touches a near 3-month high

Materials group adds 1.1% as gold hits a record high

Updates at market close

By Fergal Smith

TORONTO, Jan 14 (Reuters) - Canada's main stock index edged up to a record high on Wednesday as geopolitical uncertainty helped underpin energy shares, offsetting a steep decline for technology stocks.

The S&P/TSX Composite Index .GSPTSE ended up 46.11 points, or 0.1%, at 32,916.47, surpassing the record closing high it posted on Monday.

U.S. stocks fell, with technology shares declining as investors moved into more defensive areas.

"As we see it, a lot of what's happening today and the last couple of days is revolving around geopolitical risk, geopolitical tensions," said Philip Petursson, chief investment strategist at IG Wealth Management. "Right now it's really emanating out of Iran."

Fears of Iranian supply disruptions helped push the price of oil CLc1 to its highest level in nearly three months before giving up some gains.

Recent strength in oil "is being priced into oil stocks and that's what's driving the TSX marginally higher," Petursson said.

Energy .SPTTEN added 2.6%, with shares of Cenovus Energy Inc CVE.TO up 4.5%.

Safe-haven buying helped lift gold XAU= to a record high. The materials group .GSPTTMT, which includes metal mining shares, gained 1.1%.

Just two of the 10 major sectors ended lower, including technology .SPTTTK. It lost 4.5%, led by a 5.9% decline for the shares of e-commerce company Shopify Inc SHOP.TO.

Consumer discretionary .GSPTTCD was down 0.3% as Aritzia Inc ATZ.TO gave back some of its recent gains for a second straight day, losing 6.3%.

 (Reporting by Fergal Smith in Toronto and Utkarsh Tushar Hathi in Bengaluru; Editing by Jonathan Ananda and Diane Craft)

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