TSX Outperforms on Commodity Producers

2026-03-02 21:04 By Felipe Alarcon 1 min. read

Canada’s S&P/TSX Composite Index staged a late-day comeback to close 0.6% higher at 34,441 on Monday, defying an early global sell-off.

While Middle East warfare initially rattled nerves, the index was lifted by a powerful surge in energy and industrial sectors.

Cameco was a standout performer, rocketing 6.5% following a 2.6 billion dollar uranium deal with India signed during Prime Minister Mark Carney’s visit to New Delhi.

Energy heavyweights like Suncor and Cenovus gained over 2.5% as crude prices remained elevated despite coming off session highs.

Further support came from a late rebound in the financial sector, with RBC and TD Bank erasing early losses to finish in positive territory.

Additionally, the manufacturing sector showed resilience as the February PMI hit a 13-month high of 51.

Although Shopify and some miners like Barrick Gold ended lower, the TSX benefited from a broader "buy the dip" move that mirrored a dramatic recovery on Wall Street.



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TSX Outperforms on Commodity Producers
Canada’s S&P/TSX Composite Index staged a late-day comeback to close 0.6% higher at 34,441 on Monday, defying an early global sell-off. While Middle East warfare initially rattled nerves, the index was lifted by a powerful surge in energy and industrial sectors. Cameco was a standout performer, rocketing 6.5% following a 2.6 billion dollar uranium deal with India signed during Prime Minister Mark Carney’s visit to New Delhi. Energy heavyweights like Suncor and Cenovus gained over 2.5% as crude prices remained elevated despite coming off session highs. Further support came from a late rebound in the financial sector, with RBC and TD Bank erasing early losses to finish in positive territory. Additionally, the manufacturing sector showed resilience as the February PMI hit a 13-month high of 51. Although Shopify and some miners like Barrick Gold ended lower, the TSX benefited from a broader "buy the dip" move that mirrored a dramatic recovery on Wall Street.
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TSX Outperforms Peers
Canada’s S&P/TSX Composite Index dropped around 0.3% to 34,300 on Monday, joining a global retreat as war in the Middle East sparked a shift away from riskier assets. While the broader market fell, energy and mining stocks provided a cushion. Suncor and Canadian Natural Resources jumped over 2.5% as oil prices surged due to the closure of the Strait of Hormuz, while Agnico Eagle and Kinross gained on record gold prices. A bright spot in the industrial sector was Cameco, which rose around 1% following a 2.6 billion dollar uranium deal with India announced during Prime Minister Mark Carney’s visit to New Delhi. However, these gains were offset by a 1.5% slide in major banks like RBC and TD, along with a 2.9% drop for Shopify, as investors worried that rising energy costs could lead to higher inflation and more restrictive interest rate policies. Economically, the latest manufacturing report showed the best conditions in 13 months
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