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2026.07.1314:04:49UTC+00TSX Steady as Energy Gains Offset Mining Losses

The S&P/TSX Composite Index hovered near the 35,000 level on Monday, showing little change after military escalations between the United States and Iran. Heavy missile and drone exchanges over the weekend and into Monday fueled renewed concerns about crude shipments through the Strait of Hormuz, driving oil prices higher.

Government bond yields climbed as persistent inflation worries reinforced expectations that interest rates in North America will stay higher for longer. Financial stocks were broadly flat: RBC and TD Bank posted modest gains, while Scotiabank and CIBC edged lower.

Gold prices retreated on expectations of a hawkish Federal Reserve, pressuring mining shares. Agnico Eagle, Barrick, and Wheaton Precious Metals each fell by nearly 2%. By contrast, energy stocks advanced in response to rising oil prices. Canadian Natural gained about 2%, while Imperial Oil, Suncor, and Cenovus were up roughly 3% apiece.

Investors are also looking ahead to the Bank of Canada’s policy announcement on Wednesday, with the central bank widely expected to leave its key interest rate unchanged.

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