Canada Stocks: TSX rises the most in three weeks as financials climb

Shopify

20/05/2026 21:24

TSX ends up 1.25%, at 34,161.82

Posts biggest advance since April 30

Financials rise 1.9%, materials group ends up 2.3%

Energy loses 2.3% as oil settles 5.7% lower

Updates at market close

By Fergal Smith

May 20 (Reuters) - Canada's main stock index posted its biggest advance in nearly three weeks on Wednesday, with financials and metal mining shares contributing to broad-based gains as investors globally awaited earnings from AI chipmaker Nvidia.

The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE ended up 420.58 points, or 1.25%, at 34,161.82, marking its biggest gain since April 30.

"It's really a financials-driven day and aside from that all eyes are on Nvidia after the bell," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

"Their earnings, the chances are, will dictate how markets open up, or at least how the futures trade, tomorrow morning."

Financials, the most heavily weighted sector on the TSX by far, rose 1.9%, including gains for major banks ahead of quarterly results next week.

A pullback in oil prices which led to a drop in long-term borrowing costs was another positive for the market, Small said.

U.S. crude oil futures CLc1 settled 5.7% lower at $98.26 a barrel on hopes of a deal to end the conflict in the Middle East, while the Canadian 10-year yield CA10YT=RR was down 11.9 basis points at 3.585%, extending its pullback from a 2-year high during Tuesday's session.

Bond yields had tended to track oil prices higher in recent weeks on worries about the global inflation outlook.

The materials group .GSPTTMT, which includes metal mining shares, added 2.3% as gold XAU= and copper HGc1 prices rose. Technology  .SPTTTK ended 1.6% higher, with shares of e-commerce company Shopify Inc SHOP.TO up 3.8%.

Energy .SPTTEN was the only one of 10 major sectors to end lower, falling 2.3%.

 (Reporting by Fergal Smith in Toronto and Tharuniyaa Lakshmi in Bengaluru; Editing by Jonathan Ananda and Nia Williams)

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