TSX Slides Despite Strength in Energy and Utilities: Market Eyes End-of-Quarter Volatility

Key Highlights:

• TSX Composite Index dips 62.93 points to close at 24,712.80
• Energy stocks lead gains as oil jumps nearly 3%
• Shopify and Celestica drag tech lower amid profit-taking
• Financials mixed as Big Six banks diverge in midday trading
• Gold prices touch record highs, lifting mining plays

Canada’s benchmark TSX Composite Index edged lower on Monday, shedding 62.93 points to close at 24,712.80, as tech losses and mixed bank performance offset strength in energy and utilities. The pullback comes as investors recalibrate portfolios ahead of quarter-end and grapple with volatile commodity moves and shifting economic data.

Despite the red ink on the main board, energy stocks stole the spotlight, buoyed by a 2.99% surge in crude oil prices to $71.44. Shares of Suncor Energy rose 1.57%, Tourmaline Oil gained 1.14%, and Canadian Natural Resources added 1.34%, as geopolitical jitters and OPEC+ chatter reignited optimism in the oil patch.

“We’re seeing a rotation back into traditional energy on stronger oil fundamentals and near-term supply constraints,” said one Bay Street portfolio manager. “Investors are responding to the price floor that seems to have formed around the mid-$60s per barrel.”

In contrast, technology stocks took a sharp hit, with Shopify falling 3.26% and Celestica plunging over 5.36%, marking one of the worst performers of the day. The sector's retreat reflects investor caution around valuations and signs of slower growth in the enterprise hardware space.

“Tech has been a leader year-to-date, but some investors are clearly locking in profits before Q2,” a tech analyst noted.

Meanwhile, financials were mixed, with Royal Bank of Canada (RBC) and Bank of Montreal (BMO) edging up, while TD Bank and National Bank saw slight declines. Bank of Nova Scotia (BNS) dropped 0.70% despite strong volume, as investors weighed future rate path scenarios against loan growth concerns.

The broader market internals reflected a cautious tone, with 958 decliners outweighing 653 advancers on the TSX. Volume stood at just over 162 million shares traded, a relatively balanced day ahead of economic data due later this week.

Among standout gainers, Loblaw Companies surged 2.06% to $202.38, buoyed by defensive buying in the consumer staples sector. Great-West Lifeco and Sun Life Financial also posted gains of 2.08% and 1.05%, respectively, as investors showed interest in yield-bearing names amid bond market uncertainty.

Gold and precious metals were another bright spot, as COMEX gold rose 1.06% to $3,147.30 per ounce—nudging toward record territory. Agnico Eagle Mines and Barrick Gold added modest gains on the day, reflecting safe-haven flows amid global tensions.

In the utility space, Fortis Inc. and Emera Inc. each rose over 0.9%, continuing a steady rebound from recent lows as investors search for low-volatility plays in a choppy market.

On the downside, WELL Health Technologies plummeted 23.54% after a disappointing earnings outlook, while Ivanhoe Mines dropped over 5.26%, tracking weakness in base metals and China demand concerns.

Looking ahead, traders will be closely watching Canadian GDP data and U.S. inflation prints later this week, which could set the tone for the TSX’s next move.

“Markets are trying to digest a complex mix of earnings, rates, and geopolitical events all at once,” said one Toronto-based strategist. “Expect volatility to remain elevated as we move into Q2.”

With Q1 wrapping up, the TSX remains in positive territory for the year, underpinned by strength in energy, financials, and defensive sectors. However, Monday’s session offered a clear reminder that momentum remains fragile, and the path forward will depend heavily on both macro signals and corporate guidance.