- The S&P/TSX Composite added 0.84% as Bank of Nova Scotia topped profit expectations on strength in capital markets and wealth management, lifting the financials sector.
- Gold miners supported the TSX advance as bullion held near record levels above $4,650 per ounce, while trade-exposed sectors faced pressure from escalating tariff concerns.
- The TSX Venture Exchange outpaced the senior index with a 1.74% gain, reflecting strength in junior resource names amid firmer metals prices.
- WTI crude tumbled 4.58% to $126.15 per barrel, the session’s sharpest commodity decline, though energy shares found support from Natural Gas adding 0.79%.
Bank Earnings Bolster Canadian Equities
Canadian stocks finished solidly in the green Tuesday, led by financials after Bank of Nova Scotia delivered quarterly results that exceeded analyst expectations. The country’s third-largest lender posted strength in both capital markets and wealth management divisions, underscoring resilience in fee-based businesses even as concerns around the economic impact of trade tensions continue to weigh on investor sentiment. The positive earnings surprise helped lift the broader financials group and provided a foundation for the TSX’s advance.
The S&P/TSX Composite gained 0.84%, while U.S. markets posted more modest gains with the S&P 500 up 0.32% and the Nasdaq tracking ETF (QQQ) rising 0.62%. Despite the positive close on both sides of the border, traders remained cautious amid headlines highlighting an escalating trade war that has pressured export-sensitive names in recent sessions.
Gold Miners Shine as Metals Rally
Gold miners provided significant support to the TSX, with the yellow metal edging up 0.17% to $4,653.18 per ounce and holding comfortably above the $4,600 threshold. Silver also gained ground, adding 0.19% to $62.32, while copper surged 1.89% in a sign of improved industrial metals sentiment. The combination of haven demand and firmer base metals prices helped resource-focused equities outperform, with trade-exposed sectors finding it harder to gain traction as tariff concerns continued to bite.
The TSX Venture Exchange, home to many junior miners and explorers, capitalized on the metals momentum with a robust 1.74% gain that significantly outpaced the senior index. Meanwhile, energy stocks navigated mixed signals as WTI crude suffered a sharp 4.58% decline, though natural gas prices provided some offset with a 0.79% advance.
Looking ahead, Canadian investors will be watching for further clarity on trade policy developments and additional earnings reports from the financial sector. The divergence between resource strength and trade-sensitive weakness is likely to persist until tariff uncertainty subsides, keeping the market’s focus on defensive sectors and commodity-linked plays that can weather global economic headwinds.
Market Close Snapshot
| Market | Level |
|---|---|
| S&P/TSX Composite | 86.82 (+0.84%) |
| TSX Venture | 188.36 (+1.74%) |
| S&P 500 | 765.91 (+0.32%) |
| Nasdaq (QQQ) | 710.72 (+0.62%) |
| Gold (USD/oz) | 4,653.18 (+0.17%) |
| Silver (USD/oz) | 62.32 (+0.19%) |
| WTI Crude (USD/bbl) | 126.15 (-4.58%) |
| Copper (USD/lb) | 96.32 (+1.89%) |
| Natural Gas (USD/MMBtu) | 10.23 (+0.79%) |
| Bitcoin (USD) | 78,242.01 (-0.83%) |
| USD/CAD | 1.3860 |
- Financial Post — Bank of Nova Scotia tops expectations on growth in capital markets, wealth management – Financial Post
- BNN Bloomberg — Jason Del Vicario's Market Outlook: North American & Global Stocks – BNN Bloomberg
- BNN Bloomberg — S&P/TSX composite up nearly 200 points, U.S. stock markets also trade higher – BNN Bloomberg
- Globe and Mail — Bank of Nova Scotia beats profit estimates boosted by capital markets and business performance – The Globe and Mail
- Globe and Mail — Stocks end higher as tech rebounds and TSX banks rally on earnings – The Globe and Mail
- Google News — S&P/TSX composite and U.S. stock markets end higher despite escalating trade war – Yahoo! Finance Canada
- Google News — Gold miners carry the TSX higher as tariffs bite trade-exposed names – Wealth Professional
