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2026-10-31 06:52:25
[TSX Falls on Bank and Mining Stocks] The S&P/TSX Composite Index fell more than 1.7% to close at 36,620, as a rebound in oil prices reignited inflation concerns. Crude oil prices rose after an attack on an oil tanker in the Strait of Hormuz highlighted supply risks. Energy-driven inflation concerns have weighed on major bank stocks since the start of the Iraq War, increasing the risk that interest rates will remain high for an extended period. RBC Capital Markets fell 1.5%, TD Bank fell 2.3%, and Bank of Montreal fell 2.9%. Meanwhile, lower gold prices pressured heavyweight mining stocks, with Agnico Eagle falling 6%, Barrick Gold falling 4.6%, and WPM falling 5.7%. Technology stocks also fell sharply as U.S. chipmakers and hyperscale cloud service providers experienced massive sell-offs. Celestica fell 6.8%, and Shopify fell 5.7%. Additionally, Cameco plunged 7.7% after reporting a net loss for the third quarter of 2026, despite revenue growth. Imperial Oil rose 5.4% after reporting better-than-expected earnings, while Canadian National Railway fell 0.5% despite equally strong results. TSX fell 0.7% this week but rose 1.5% this month.
