S&P/TSX Composite Index edges above 35,000 as banks and miners rise
Canadian stocks fell Friday as mining and technology shares slid, with Telus tumbling after a quarterly loss and dividend reset while a handful of earnings beats offered limited support.
The S&P/TSX Composite Index fell 0.8% to close at 35,226 on Friday, retreating as mining and technology shares led the market lower. Gold miners declined after gold prices weakened amid a sharp rise in long-term U.S. Treasury yields, with Agnico Eagle down 3.6%, Barrick losing 2.5% and WPM falling 3.9%. Technology stocks also underperformed. Shopify dropped 4.3% and Celestica slid 6% as investors grew more cautious ahead of Shopify's second-quarter 2026 earnings on August 5. Fairfax Financial fell 0.5% and Cameco lost 2.1% after both reported revenue above expectations but missed EPS estimates, while Enbridge slipped 1.8% despite beating forecasts for adjusted second-quarter profit. Telus plunged 11.3% after reporting a second-quarter loss and resetting its quarterly dividend. Imperial Oil rose 0.5% on stronger-than-expected earnings, and ATD gained 1.4% after announcing plans to acquire Poland's Zabka. The move follows a stronger Thursday session, when banks and miners had helped lift the Canadian benchmark above 35,500.
- S&P/TSX Composite Index: Canada's main stock market benchmark, tracking the performance of large and mid-sized listed companies.
- EPS estimates: Analysts' projections for earnings per share, used to gauge whether a company's reported profit beat or missed expectations.
- Treasury yields: The returns on government bonds, which can affect borrowing costs, equity valuations and commodities such as gold.