TSX Falls as Higher Oil Stokes Inflation Concerns

2026-09-28 14:05 By Isabela Couto 1 min. read

The S&P/TSX Composite Index fell nearly 1% to below 36,000 on Monday as rising oil prices revived inflation concerns.

Oil prices resumed their rally after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, renewing concerns that energy-driven inflation shocks could keep interest rates higher for longer.

Yields moved higher, pressuring credit-sensitive stocks.

Financials posted losses, with CIBC and National Bank down more than 0.5%.

Meanwhile, falling gold prices pressured mining shares, with Agnico Eagle tumbling more than 5%, while Barrick, WPM and Franco-Nevada shed about 4% each.

Shopify (-3%) and Constellation Software (-1.5%) fell amid weakness in Wall Street tech stocks.

In contrast, energy producers gained on the oil rebound, with Canadian Natural, Cenovus and Suncor up about 1%.

On the data front, Canadian GDP data due Tuesday could offer cues on economic momentum and the Bank of Canada’s future policy path.



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TSX Falls as Higher Oil Stokes Inflation Concerns
The S&P/TSX Composite Index fell nearly 1% to below 36,000 on Monday as rising oil prices revived inflation concerns. Oil prices resumed their rally after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, renewing concerns that energy-driven inflation shocks could keep interest rates higher for longer. Yields moved higher, pressuring credit-sensitive stocks. Financials posted losses, with CIBC and National Bank down more than 0.5%. Meanwhile, falling gold prices pressured mining shares, with Agnico Eagle tumbling more than 5%, while Barrick, WPM and Franco-Nevada shed about 4% each. Shopify (-3%) and Constellation Software (-1.5%) fell amid weakness in Wall Street tech stocks. In contrast, energy producers gained on the oil rebound, with Canadian Natural, Cenovus and Suncor up about 1%. On the data front, Canadian GDP data due Tuesday could offer cues on economic momentum and the Bank of Canada’s future policy path.
2026-09-28
TSX Futures Edge Lower as Oil Rises
Futures tracking Canadian equities edged lower on Monday as rising oil prices revived inflation concerns. Oil prices resumed their rally after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, renewing concerns that energy-driven inflation shocks could keep interest rates higher for longer. Yields moved higher, putting pressure on credit-sensitive stocks. Meanwhile falling gold prices pressured mining shares. On the data front, Canadian GDP data due Tuesday could offer cues on economic momentum and the future policy path of the Bank of Canada.
2026-09-28
TSX Rises as Global Yield Surge Pauses
The S&P/TSX Composite Index added 0.3% to close at 35,801 on Friday, paring earlier losses as easing oil prices halted the surge in global yields. Oil and fuel prices pulled back following news that the US and Iran had moved closer to an agreement to lift naval blockades on tankers in the Persian Gulf and ease economic measures against Tehran. Benchmark borrowing costs eased after reaching multi-year highs on Thursday. Major banks closed higher, with RBC and TD Bank up 1.2% each, BMO rising 0.8%, Scotiabank gaining 1.5%, and CIBC advancing 2%. Mining stocks were mixed as gold prices rose on the session but posted a weekly loss. Barrick gained 1.5%, while Kinross rose 2.8%, rebounding after a more than 10% slump on Thursday following a lower production outlook for 2026 and 2027. WPM and Franco-Nevada shed 0.7% each. Energy heavyweights fell amid lower oil prices. The index ended the week nearly flat.
2026-09-25