Mining & Metals 23h ago
TSX Closer: Index Drops as Financials, Battery Metals Rise; Canada Population, Housing Data Weaken The Toronto Stock Exchange edged lower Wednesday as gains in financial and battery metals stocks offset broad-based weakness across most other sectors, while investors assessed fresh domestic economic data pointing to slower population growth and a cooling housing market.The S&P/TSX Composite Index closed down 264.47 points, or 0.75%, at 35,125.11.Battery Metals Index led gainers, up 1.23%, while Financial closed up 0.54%. Industrials led decliners, down 2.12%, with Information and Technology, down 1.25%, Utilities, down 0.54%, Telecom, down 1.19%, Energy, down 1.55%, Base Metals, down 1.26%, and Health Care, down 1.14%.In commodities, Gold traded higher Wednesday even as the dollar rose after a report showed U.S. retail sales rose more than expected last month ahead of the latest interest rate decision coming from the Federal Reserve. Gold for July delivery was last seen up US$37.10 to US$4.391.50 per ounce.West Texas Intermediate (WTI) crude oil closed higher on Wednesday, rebounding from its lowest level in more than three months as details of a peace agreement between Iran and the United States emerged, while the International Energy Agency said inventories depleted by a closure of the Strait of Hormuz would return to surplus next year. WTI oil for July delivery closed up US$0.74 to settle at US$76.79 per barrel, rising off the lowest since March 4, while August Brent oil was last seen up US$0.41 to US$79.37.Meanwhile, domestic data released Wednesday pointed to a slowdown in Canada's population growth as immigration levels continued to ease.The population of Canada was estimated at 41,417,056 on April 1, a decrease of 0.1% from the previous quarter, said the country's statistical agency Wednesday. The country welcomed 83,149 permanent immigrants in Q1 2026. This represents a decline of 20.2% compared with the number of permanent immigrants welcomed in the same quarter of 2025 and is in line with the lower target established by Immigration, Refugees and Citizenship Canada for the 2026 calendar year, Statistic Canada noted.Natural increase was negative (-155) in Q1, meaning there were more deaths than births in Canada during this quarter. By comparison, the natural increase in Q1 2025 was positive, at 983. Natural increase is usually low during the winter months, because there are typically fewer births and more deaths during the colder months.The housing sector also remained under pressure amid affordability challenges and softer demand conditions.Canada's new housing price index (NHPI) shed 0.3% month over month in May, said StatsCan on Wednesday. The NHPI is a monthly series that measures changes over time in the contractors' selling prices of new residential houses, where detailed specifications pertaining to each house remain the same between two consecutive periods. The survey covers dwelling types including new single homes, semi-detached homes and town homes (row or garden homes).Additionally, Scotiabank argued if a recovery is in sight after Canada's existing home sales rise in May. After having declined by nearly 11% seasonally adjusted from November 2025 to March 2026, Canada's housing sales have since recovered more than half of this decline with increases in April and May, said Scotiabank. In the latter month, national sales posted a 5.5% monthly rise, the strongest since October 2024, noted the bank.The bank added it must witness a sustained upward trend in housing demand and tightening in market conditions before it can see a recovery in the national house price, and especially in Ontario and British Columbia markets given their influence on national figures.Additionally, Bank of Montreal (BMO) said the international investors are big buyers of Canadian dollar bonds.International investors were big net buyers of Canadian securities in April to the tune of $46.9 billion, the lender noted. That's among the larger inflows over the past few years. Buying was focused in federal and provincial government debt, as well as corporate bonds, pointed out BMO. Equities saw a decent inflow too, while money markets had an outflow.The net inflow to federal government bonds was a record $27.7 billion in the month, while provincial bonds were just short of a record at $10.6 billion. Notably, April's net inflow to Canadian dollar-denominated bonds was a record $36.2 billion, added the bank.
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