TSX Rises on Mining and Tech Gains

The S&P/TSX Composite Index rose 0.4% to close at 34,980 on Friday, supported by gains in the mining and technology sectors. Mining shares rose on higher gold prices, helped by a weaker dollar and easing expectations of further US interest rate hikes following the latest PCE data. Also, Canada and Japan advanced cooperation on mining projects, including potential joint stockpiling. Barrick gained 1.6%, while Franco-Nevada rose 2.3%. In tech, Shopify rose 4.6%, backed by its Spring ’26 product rollout, while Constellation Software added 1.9%. Celestica, however, fell 6.6%, tracking weakness on Wall Street. Banking stocks traded lower amid geopolitical tensions after President Trump accused Iran of violating the ceasefire by targeting cargo ships transiting the Strait of Hormuz. Earlier, Iran reaffirmed its right to control shipping through the waterway and warned Gulf states against siding with the US, a day after an attack on a vessel near Oman.

The S&P/TSX Composite Index traded near flat around the 35,000 mark on Friday, as losses in banking and energy stocks were offset by gains in mining and technology. Energy shares were pressured as oil prices fell on easing supply concerns, with more tankers exiting the Strait of Hormuz. This came despite Iran reaffirming its control over shipping in the Strait and warning Gulf states against siding with the US, a day after an attack on a vessel near Oman underscored the fragility of the preliminary peace deal. Canadian Natural Resources and Suncor Energy both lost more than 1%. Major banks also traded lower as bond yields moved higher, with RBC, TD Bank, and BMO down about 0.5%. Meanwhile, Canada and Japan advanced cooperation on mining projects, including potential joint stockpiling, while gold prices rose. Agnico Eagle and Barrick Gold gained around 1%. In technology, Shopify rose 2.5% and Constellation Software added 1.3%, while Celestica fell 4.3%, tracking weakness on Wall Street.

Futures tracking the S&P/TSX Composite Index edged lower on Friday, following broader technology-driven weakness on Wall Street. North American tech stocks reversed earlier gains as concerns over hyperscaler AI spending outweighed upbeat demand signals from Micron and Qualcomm. Energy shares also came under pressure as oil prices fell back to pre-conflict levels on easing supply concerns, with more tankers exiting the Strait of Hormuz. This was despite Iran claiming its right to control shipping in the Strait and warning Gulf states against siding with the US, a day after an attack on a vessel near Oman underscored the fragility of the preliminary peace deal. Separately, Canada and Japan are advancing cooperation on mining projects, including potential joint stockpiling. Gold prices also edged higher, offering support to mining stocks.