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TSX Closer: The Index Posts a Fresh Record Close; Morningstar On Best- and Worst-Performing Canada Stocks

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The resources-heavy Toronto Stock Exchange closed at a fresh record high on Tuesday, boosted by higher commodity prices and confidence the equity market fundamentals in place for most of the last two months will continue.

The S&P/TSX Composite Index closed up 434.57 points, or 1.25%, to 35,169.46, with most sectors higher. The prior record close of 34,830 was set on May 25.

The index was led higher by Base Metals, up 4%, followed by the Battery Metals Index, up 2.7%, and then Energy, up 2.4%. In contrast, Health Care was down 1.2% and Telecom down near 0.75%.

According to FactSet the TSX was, going in to today, up 10.91% from its 2026 closing low of 31,317.41 hit Friday, March 20, and year to date up 3,022.13 points or 9.53%.

Morningstar Canada published a note entitled 'Best- and Worst-Performing Canadian Stocks' in which it notes The Morningstar Canada Large-Mid Cap Index rose 2.35% in May, amid a rally in the communication-services sector. The index tracks the top 90% of the Canadian investable universe by market cap, and each month, Morningstar screens it for the best- and worst-performing companies.

Among the best performing stocks of May 2026, Morningstar cited Capstone Copper (CS.TO), HudBay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Air Canada (AC.TO) and Lundin Mining (LUN.TO).

Among the worst performing stocks of May 2026, it cited Stantec (STN.TO), GFL Environmental (GFL.TO), Element Fleet Management (EFN.TO), Energy Fuels (EFR.TO) and WSP Global (WSP.TO).

Of commodities, gold was higher late afternoon Tuesday, but fell back from early highs as the dollar rose. Gold for July delivery was last seen up US$11.30 to US$4,517.60 per ounce, after earlier touching $4,571.30.

Also, West Texas Intermediate crude oil closed higher, rising off session lows following reports Iran is considering a new U.S. peace deal to end the war, a day after prices surged after the two sides appeared to be on the brink of resuming hostilities. WTI crude oil for July delivery closed up $1.60 to settle at US$93.76 per barrel, after earlier touching US$90.12. August Brent oil was up US$1.01 to US$95.99.

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Treasury

Vancouver Home Sales Stabilized in May, notes National Bank of Canada says

Based on data from the Real Estate Board of Greater Vancouver (REBGV), National Bank of Canada's preliminary estimate is that seasonally adjusted home sales edged up 0.5% from April to May, the first increase in three months. Despite this stabilization, transactions continued to be very low on a historical basis and stood 32.7% below their historical average, noted National's Daren King. "While the marginal improvement in transactions in May remains good news, activity in Vancouver's real estate market does not appear to be showing any signs of a significant recovery, likely due to ongoing affordability issues, economic uncertainty and, more recently, geopolitical turmoil," King said.Further, the improvement in the labour market seen over the past year in the region has recently been completely wiped out, with the unemployment rate jumping from 5.8% in February to 7% in April, its highest level since June 2021, King said, adding: "Should trade relations improve and the labour market stabilize, the potential boost in consumer confidence could stimulate activity in the residential market. However, the recent rise in fixed mortgage rates due to rising inflation could limit this recovery."On the supply side, National Bank estimates new listings dropped by 8.6% from April to May, following a 6.3% jump the previous month. Overall, active listings were down 0.8% during the month, the fourth consecutive monthly decline. Market conditions, defined as the ratio of active listings to sales, tightened slightly during the month but continued to be very loose on a historical basis, King noted.National Bank also noted: on an annual basis, sales declined by 3.5% compared to the low level of activity registered in May 2025, representing the eighth consecutive month of year-over-year decline and the lowest activity for that period of the year since 2020; transactions were down in the attached home (-1.3%) and condo (-7.2%) segments but were slightly up for the detached home (+0.9%) segment; for the first five months of 2026, cumulative home sales were down 8.3% compared to the same period in 2025 and at their lowest since 2020.On the supply side, the bank noted, new listings in May dropped by 7.6% year-over-year, while active listings decreased by 1.0%. It said this decline was due to decreases in the detached home (-3.9%) and condo (-3.9%) segments that were not counterbalanced by an increase in the attached home segment (+11.5%). In terms of prices, the MLS Composite HPI dropped by 6.5% compared to the same period last year, a smaller contraction than the -7.3% observed in April, it added.

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Treasury

US Treasury Closing Levels

3:00 Monday vs 3:00 Tuesday2yr 99-29 vs 99-28; 4.047% vs 4.049%5yr 99-25 vs 99-23; 4.176% vs 4.184%10yr 99-12 vs 99-06+; 4.453% vs 4.473%30yr 100-16+ vs 100-05; 4.965% vs 4.989%2/10 40.388 bps vs 42.152 bps5/30 78.988 bps vs 80.252 bps

Treasury

Market Chatter: PM Carney Comments On Being Asked Is Canada In a Recession

While Prime Minister Mark Carney acknowledged weaknesses in the Canadian economy on Tuesday, he also defended the federal government's economic agenda and did not use the word "recession.""This government's been in the process of laying the foundations for a stronger, more resilient, more independent Canadian economy," Carney said Tuesday when asked directly by reporters in Ottawa about whether Canada is in a recession. "That process is settling in during that time as we make major investments, major changes to how the government operates, how we do major projects, how we have new trade agreements with other countries."Carney's comments were his first on the issue after Statistics Canada data on Friday showed a slight contraction of gross domestic product (GDP) for two straight quarters, meeting the technical definition of a recession.The prime minister said part of the economic slowdown is due to "clear decisions by the government," including reining in immigration and government spending. "There's some other choppiness in terms of how investment is happening, but we're also seeing at the same time, the foundations coming into place, settling in for that stronger, more resilient economy," Carney added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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