TORONTO, August 24, 2026, 11:58 EDT — The Toronto Stock Exchange was little changed as a 1.1% advance in mining shares was offset by lingering concerns over tariffs and oil price volatility.
- By 10:00 EDT, the S&P/TSX Composite hovered unchanged at 36,615.45.
- Materials rose 1.1%, while energy lost 0.9% as oil prices declined.
- Resources account for 33.0% of the index, leaving commodity trends pivotal.
- Canada’s export-focused stocks remain under strain as fresh 50% U.S. tariffs take effect.
Canada’s primary stock index lost its initial advance on Monday, as a surge in mining shares failed to offset declines in oil and fresh concerns over tariffs.
The S&P/TSX Composite held steady at 36,615.45 as of 10:00 EDT. Materials gained 1.1%, while energy slipped 0.9%. Five out of the index’s ten main sectors were in positive territory.
| TSX gauge | Latest reading | Time |
|---|---|---|
| S&P/TSX Composite | 36,615.45, unchanged | Aug. 24, 10:00 EDT |
| Materials sector | up 1.1% | Aug. 24, 10:00 EDT |
| Energy sector | down 0.9% | Aug. 24, 10:00 EDT |
| Major sectors higher | 5 out of 10 | Aug. 24, 10:00 EDT |
The division has greater significance in Toronto compared to many other markets. Energy and materials account for 33.0% of the index’s weight, while financials contribute an additional 36.1%. This allocation leaves minimal tolerance for underperformance in those three sectors.
| S&P/TSX Composite sector | Weight | Investor sensitivity |
|---|---|---|
| Financials | 36.1% | Interest rates, credit, capital market trends |
| Energy | 17.4% | Changes in oil and gas markets |
| Materials | 15.6% | Gold and industrial commodity prices |
| Industrials | 10.5% | Trade flows, domestic economic activity |
| Information technology | 7.2% | Value assigned to growth |
Gold climbed to its highest point in three months with the dollar weakening. Shares of I-80 Gold Corp. TSE:IAU, Seabridge Gold Inc. TSE:SEA and NovaGold Resources Inc. TSE:NG each advanced over 4%.
“Gold’s having a good move,” said Greg Taylor, chief investment officer at PenderFund Capital Management. He noted that investors were shifting once again toward commodities. Reuters
| Gold-linked TSX share | Ticker | Monday move |
|---|---|---|
| I-80 Gold | TSE:IAU | Up over 4% |
| Seabridge Gold | TSE:SEA | Up over 4% |
| NovaGold Resources | TSE:NG | Up over 4% |
Oil headed in the opposite direction. Investors locked in gains ahead of Washington’s announcement on possible sanctions targeting Iran. The drop positioned energy as the index’s biggest weight.
Trade tensions brought an additional hurdle. On Saturday, the United States introduced 50% tariffs on selected Canadian products. President Donald Trump also suggested applying the same tariff rate to cars, auto parts, and steel starting January 2027.
Canadian Prime Minister Mark Carney stated that Ottawa will impose tariffs on U.S. goods “dollar for dollar” in response to Washington’s measures. The planned retaliatory tariffs are set to take effect on September 8. Reuters report
| Session | S&P/TSX close/level | Move | Main pressure |
|---|---|---|---|
| Aug. 18 | 36,367.93 | −0.8% | Bond yields, technology, mining shares |
| Aug. 20 | 36,365.42 | −0.1% | Financial sector |
| Aug. 21 | 36,620.23 | +0.7% | Late rebound ahead of weekend |
| Aug. 24, 10:00 EDT | 36,615.45 | Unchanged | Energy stocks, tariffs |
Major gold miners started Monday on a positive note. Agnico Eagle Mines Limited (TSE:AEM), Barrick Mining Corporation (TSE:ABX) and Kinross Gold Corporation (TSE:K) advanced between 1.9% and 4.2% during Friday trading on their U.S. shares.
| Company | Aug. 21 U.S. close | Consensus | Average target | Implied change |
|---|---|---|---|---|
| Agnico Eagle Mines NYSE:AEM | $216.06 | Buy | $214.98 | −0.5% |
| Barrick Mining NYSE:B | $47.60 | Buy | $52.29 | +9.9% |
| Kinross Gold NYSE:KGC | $32.76 | Buy | $35.93 | +9.7% |
Agnico reflects valuation pressures. On August 20, Scotiabank analyst Tanya Jakusconek reaffirmed a Buy recommendation along with a $260 price objective. However, the average consensus target of $214.98 is slightly under the stock’s closing price on Friday.
The data suggests a limited perspective. While gold has the potential to stabilize Toronto, the 15.6% weighting of materials is insufficient to sustain the index by itself. Energy and financials continue to play a more significant combined role.
Risks: Gold could turn lower following inflation figures or remarks from the Federal Reserve. Additional tariff information may pressure exporters, banks, and the Canadian dollar prior to miners mitigating the impact.
