02.12.202521:11:19UTC+00TSX Pressured by Commodity Producers

On Tuesday, the S&P/TSX Composite Index experienced a modest decline of 0.2%, closing at 31,049, largely due to a downturn in commodity producers as declining gold and oil prices negatively impacted mining and energy sectors. Barrick Gold saw a decrease of 3.1%, while Imperial Oil dropped by 3.5%, both contributing significantly to the sector's overall decline. Conversely, Shopify saw a significant uptick of 4.9%, recovering some ground after a steep 6.3% decline on Monday caused by widespread payment disruptions that impacted numerous merchants during Cyber Monday. Bank of Nova Scotia reported a robust 2.8% increase following better-than-expected fourth-quarter earnings, bolstered by strength in capital markets and increased wealth management fees. As the week progresses, investors will be closely monitoring the upcoming earnings releases from RBC (up 1%), TD Bank (up 1.1%), BMO (up 1.1%), CIBC (up 1.5%), and National Bank (up 1.8%).