The Canadian market, back to trading after recent holidays, opened weak and remained firmly down in negative territory Monday morning, weighed down by a sell-off in materials stocks as prices of gold, silver and copper tumbled.
The benchmark S&P/TSX Composite Index, which dropped to 31,834.05 earlier in the session, was down 107.25 points or 0.34% at 31,892.51 about an hour before noon.
The Materials Capped Index tumbled 3.49%. Perpetua Resources plunged 7%, while Agnico Eagle Mines, Novagold Resources, Kinross Gold Corp., Seabridge Gold, Triple Flag Precious Metals, Lundin Gold, Orla Mining, B2Gold Corp, Torex Gold Resources and Franco-Nevada lost 4 to 6%.
Several other stocks in the materials space declined sharply on selling pressure. Gold futures tumbled 4.7% and Silver futures plunged 8% to $4,344.50 and $70.995, respectively.
Healthcare stock Curaleaf Holdings slid 4.8%. Bausch Health Companies declined marginally. Tilray drifted down more than 7%. Canopy Growth lost about 5.6% and Aurora Cannabis eased by about 2.9%.
Energy stocks are up, riding on firm crude oil prices. West Texas Intermediate Crude oil futures climbed to $58.21 a barrel, gaining $1.47 or 2.59%.
Oil prices moved up in the backdrop of unrest in the Middle East, China's military drills around Taiwan as well as developments in the Ukraine peace talks. China's continued support for economic growth which is expected to boost consumption also lifted sentiment.
Birchcliff Energy, Advantage Oil & Gas, Peyto Exploration & Development, Arc Resources, Athabasca Oil Corp., Terravest Capital, Tourmaline Oil Corp., Kelt Exploration, Enerflex, Vermilion Energy, Cenovus Energy and Canadian Natural Resources gained 1 to 2.3%.
Canada Goose Holdings, Aecon, Linamar Corp., Farifax Financial Holdings, BCE, Telus and Fortis were among the prominent gainers from other sectors.
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December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.