Canada Stocks: TSX hits record high as Scotiabank jumps on earnings report

The Bank of Nova Scotia

25/08/2026 21:17

Updates at market close
By Fergal Smith
Aug 25 (Reuters) - Canada's main stock index rose to a record high on Tuesday as two of Canada's major banks reported stronger-than-expected earnings despite escalating trade tensions between the U.S. and Canada.
The S&P/TSX Composite Index .GSPTSE ended up 243.51 points, or 0.7%, at 36,957.63, surpassing the record closing high it posted on August 13.
Wall Street's main indexes also posted gains as technology stocks recovered from a selloff ahead of AI heavyweight Nvidia's results.
Canada hit back with retaliatory tariffs on about $20 billion worth of U.S. annual imports and rolled out aid for businesses and workers, matching Washington's latest duties dollar-for-dollar.
"The recent tariff announcements should have little impact to the TSX as the majority of the companies are somewhat tariff-immune," said Philip Petursson, chief investment strategist at IG Wealth Management.
Bank of Montreal BMO.TO and Bank of Nova Scotia BNS.TO beat quarterly profit estimates, driven by strength in their capital markets and domestic businesses, as bank CEOs brushed aside the impact of new tariffs. Shares of Scotiabank jumped 7%, while BMO ended 0.5% higher.
Financials .SPTTFS rose 1.8%, technology .SPTTTK was up 1.2% and the materials group, which includes metal mining shares, ended 1.5% higher.  
The price of gold XAU= rose to a three-month high, while U.S. crude oil futures CLc1 settled 3.1% lower at $82.36 a barrel as traders shrugged off the latest U.S. sanctions campaign against Iran.
Energy .SPTTEN was one of five major sectors to end lower, falling 2.6%. Consumer discretionary .GSPTTCD lost 1.5%.

(Reporting by Fergal Smith in Toronto and Sudeshna Ghoshal in Bengaluru; Editing by Sahal Muhammed and Rod Nickel)
((fergal.smith@thomsonreuters.com; +1 647 480 7446))