FX.co ★ TSX Outperforms Peers

Canada’s S&P/TSX Composite Index slipped about 0.3% to 34,300 on Monday, tracking a global downturn as the war in the Middle East drove investors out of riskier assets. The broader market weakened, but energy and mining stocks helped limit losses.

Shares of Suncor and Canadian Natural Resources climbed more than 2.5% as oil prices spiked following the closure of the Strait of Hormuz. In the materials sector, Agnico Eagle and Kinross advanced on the back of record gold prices. The industrial space also saw a notable winner in Cameco, which gained roughly 1% after announcing a $2.6 billion uranium supply deal with India during Prime Minister Mark Carney’s visit to New Delhi.

These gains were outweighed, however, by weakness in financials and technology. Major banks such as RBC and TD fell about 1.5%, while Shopify slid 2.9%, as investors grew concerned that higher energy prices could fuel inflation and prompt a more restrictive interest-rate stance. On the macroeconomic front, the latest manufacturing report showed the strongest conditions in 13 months.