TSX Edges Higher as Energy Gains Offset Tech Selloff

The S&P/TSX Composite Index edged 0.1% higher to close at 36,177 on Friday, trimming earlier gains amid a deepening selloff in the North American tech sector. Shopify tumbled 5.1% as the selloff in Wall Street chipmakers extended into an eighth consecutive session, marking the sector’s longest losing streak since the 2008 financial crisis. Shopify’s partnership with Meta has further increased its exposure to the AI trade. Celestica fell 3.9%, while Constellation Software dropped 3%. In contrast, energy producers lifted the index as oil prices rallied amid mounting supply risks. Canadian Natural Resources rose 3.2%, Suncor and Cenovus each gained 2.7%, and Imperial Oil added 2.9%. Energy infrastructure stocks also helped offset losses, with Enbridge advancing 2.3%. Banking stocks were subdued following hawkish remarks from the Bank of Canada governor. Miners closed mixed as gold and silver prices declined. On the week, the index added 0.8%.

The S&P/TSX Composite Index rose more than 0.5% to above 36,000 on Friday, supported by gains in the banking and energy sectors. The oil rally lost momentum, offering some relief to credit-sensitive stocks that had been under pressure from energy-driven inflation concerns. Bond yields remained below recent peaks. Major banks advanced, with RBC, BMO, Scotiabank and CIBC each gaining about 0.5%. Energy companies also rose despite the slowdown in oil prices, with Canadian Natural adding more than 1% and Suncor, Imperial Oil and Cenovus gaining over 1.5%. Energy-related infrastructure stocks advanced as well, with Enbridge up more than 0.5%. Miners were subdued despite higher silver and copper prices, as gold traded near flat. Meanwhile, Bank of Canada Governor Tiff Macklem said Canada had not yet raised interest rates but warned that the longer energy prices remain elevated, “the harder that gets.” Markets are currently pricing in a rate hike at the next policy meeting.

TSX increased to 36412.00 Index Points, the highest since September 2026. Over the past 4 weeks, Canada Stock Market Index (TSX) gained 2.52%, and in the last 12 months, it increased 19.46%.