TSX Slides on Mining and Energy Losses

2026-05-27 20:26 By Isabela Couto 1 min. read

The S&P/TSX Composite Index fell 0.7% to close at 34,412 on Wednesday as investors assessed mixed signals regarding prospects for a US-Iran deal to end the war and restore energy flows through the Strait of Hormuz.

The US denied an Iranian media report on a draft interim agreement stating that traffic through Hormuz could return to normal within a month after the deal takes effect.

Miners led losses as gold prices declined, with Agnico Eagle down 3%, Barrick losing 1.7%, and WPM shedding 2.4%.

The energy sector also weakened as oil prices fell below $90 per barrel, with Canadian Natural and Suncor down 2.2%, while Imperial Oil lost 3.4%.

Financials traded mixed despite positive earnings from three of Canada’s six largest lenders.

BMO rose 0.8%, BNS added 0.5%, and NBC fell 4% after reporting second-quarter profits that beat estimates on strong domestic and capital markets income.

Meanwhile, RBC, TD Bank, and CIBC traded lower ahead of earnings due on Thursday.



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TSX Slides on Mining and Energy Losses
The S&P/TSX Composite Index fell 0.7% to close at 34,412 on Wednesday as investors assessed mixed signals regarding prospects for a US-Iran deal to end the war and restore energy flows through the Strait of Hormuz. The US denied an Iranian media report on a draft interim agreement stating that traffic through Hormuz could return to normal within a month after the deal takes effect. Miners led losses as gold prices declined, with Agnico Eagle down 3%, Barrick losing 1.7%, and WPM shedding 2.4%. The energy sector also weakened as oil prices fell below $90 per barrel, with Canadian Natural and Suncor down 2.2%, while Imperial Oil lost 3.4%. Financials traded mixed despite positive earnings from three of Canada’s six largest lenders. BMO rose 0.8%, BNS added 0.5%, and NBC fell 4% after reporting second-quarter profits that beat estimates on strong domestic and capital markets income. Meanwhile, RBC, TD Bank, and CIBC traded lower ahead of earnings due on Thursday.
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TSX Falls as Middle East Peace Remains Uncertain
The S&P/TSX Composite Index fell nearly 0.5% to trade near 34,500 on Wednesday as investors monitored developments in the Middle East and assessed earnings from major banks. An unofficial draft of a US-Iran interim peace deal stated that maritime traffic through the Strait of Hormuz could return to normal within a month of the agreement being finalized, although it remains unclear whether the US has agreed to the terms. Oil prices fell, driving Canadian Natural and Suncor down 2%. Gold prices also declined, with Agnico Eagle and WPM both losing 1%. In finance, BMO rose 0.4% after posting a jump in profit driven by strong capital markets performance, while Scotiabank gained 1% on higher trading revenue amid volatile markets. NBC fell 2% ahead of results due later in the day, while RBC, TD Bank, and CIBC also traded lower before reporting on Thursday.
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TSX Futures Near Flat as Investors Assess Bank Earnings
Futures tracking the S&P/TSX Composite Index were muted on Wednesday as investors assessed earnings from major banks while monitoring developments in the Middle East. Canada’s largest lenders have begun reporting quarterly results, with profits expected to rise despite trade tensions, the US-Iran conflict, and economic uncertainty. BMO posted a jump in profit, driven by solid performance in its capital markets division. Scotiabank also reported higher second-quarter profit, supported by strong trading revenue amid volatile markets. NBC is set to release results later in the day, while RBC, TD Bank, and CIBC are due to report on Thursday. Meanwhile, oil prices slipped as markets weighed a fragile US-Iran truce, with easing energy-driven inflation concerns weighing on bond yields, offering support to banks. Gold prices also declined, pressuring mining stocks. On the other hand, Silvercorp reported a jump in fourth-quarter revenue, helped by higher silver prices.
2026-05-27