TSX Closes Higher on Energy as Wall Street Slips
Canada's main index bucked a softer U.S. session Monday, lifted by surging oil, while the loonie held near 71.7 cents US.
Canada's main stock index pulled away from a softer Wall Street on Monday. The S&P/TSX Composite finished up 77.10 points at 36,458.33, helped by gains in the energy sector, while U.S. benchmarks slipped: the Dow fell 60.95 points to 53,975.98, the S&P 500 eased 4.53 points to 7,753.11, and the Nasdaq dropped 85.26 points to 26,605.36.
Oil did the heavy lifting
The move traced back to crude. The September oil contract jumped US$3.95 to US$82.13 a barrel as the standoff over the Strait of Hormuz kept supply in question — a clear tailwind for Canada's energy-heavy market. Gold added to the day's commodity strength, rising US$20.00 to US$4,419.70 an ounce.
The loonie stayed soft
The Canadian dollar barely moved, trading at 71.73 cents US versus 71.72 on Friday. A loonie in the low-70s cushions Canadian exporters and anyone earning in U.S. dollars, but it quietly raises the cost of U.S.-dollar purchases, cross-border shopping and travel.
The takeaway
Days like this are a reminder of how commodity-driven the TSX is — energy and materials can carry the index while the rest of the world drifts. That concentration cuts both ways, which is why a globally diversified portfolio still matters even for investors who are bullish on Canadian resources.
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General news and information, not individualized financial advice. Figures reflect the publication date.