TSX Down 14 Points in Choppy Trade as Materials Weigh
Idag, 18:23
12:23 PM EDT, 05/19/2026 (MT Newswires) -- The Toronto Stock Exchange is down 14 points in choppy trade midday, weighed down by the mining sector, which has shed 4%.
Most sectors are higher, with best performers energy and info tech, up 2.2% and 1.8%, respectively.
According to Morningstar Canada, Canadian energy stocks have unseated resource stocks as the main driver of the stock market this year. Energy stocks have rallied, fueled by higher oil prices on the back of the Iran war. The energy sector is projected to drive the equity market's upward march for the near term, Morningstar added.
Three energy stocks in Morningstar's Canada coverage had their fair value estimates raised by a "meaningful amount"following first-quarter earnings reports. Morningstar analyst Adam Baker raised his price target on the shares of Enbridge (ENB.TO) to $75 from $66, TC Energy (TRP.TO) to $80 from $68 and Tourmaline Oil (TOU) to $57 from $54.
The Canadian consumer price index rose 2.8% year over year in April on rising energy prices, up from an increase of 2.4% in March, said the country's statistical agency on Tuesday. But April's CPI was lower than the 3.1% year over year consensus figure provided by MUFG.
The removal of the consumer carbon levy in April 2025, which resulted in monthly declines for gasoline and natural gas, has now fallen out of the 12-month movement, putting upward pressure on the all-items CPI. Excluding gasoline, the CPI rose at a slower pace year over year in April (+2.0%) compared with March (+2.2%), StatsCan added.
TD Economics isn't yet seeing much of a knock-on effect to non-energy-related goods or services, noting core inflation pressures were actually softer than expected in April. There is little argument yet for Bank of Canada rate hikes here, and market pricing for rate hikes this year has come down a bit early Tuesday, TD added.
Oil prices have remained high in May, so energy prices are likely to keep headline inflation elevated for some time, said the bank. Given a generally soft economic backdrop in Canada, TD expects the effect on core prices to be more "modest."Core inflation is expected to stay reasonably close to the 2% target on a year-on-year basis this year, it added.
TSX Down 14 Points in Choppy Trade as Materials Weigh
Idag, 18:23
12:23 PM EDT, 05/19/2026 (MT Newswires) -- The Toronto Stock Exchange is down 14 points in choppy trade midday, weighed down by the mining sector, which has shed 4%.
Most sectors are higher, with best performers energy and info tech, up 2.2% and 1.8%, respectively.
According to Morningstar Canada, Canadian energy stocks have unseated resource stocks as the main driver of the stock market this year. Energy stocks have rallied, fueled by higher oil prices on the back of the Iran war. The energy sector is projected to drive the equity market's upward march for the near term, Morningstar added.
Three energy stocks in Morningstar's Canada coverage had their fair value estimates raised by a "meaningful amount"following first-quarter earnings reports. Morningstar analyst Adam Baker raised his price target on the shares of Enbridge (ENB.TO) to $75 from $66, TC Energy (TRP.TO) to $80 from $68 and Tourmaline Oil (TOU) to $57 from $54.
The Canadian consumer price index rose 2.8% year over year in April on rising energy prices, up from an increase of 2.4% in March, said the country's statistical agency on Tuesday. But April's CPI was lower than the 3.1% year over year consensus figure provided by MUFG.
The removal of the consumer carbon levy in April 2025, which resulted in monthly declines for gasoline and natural gas, has now fallen out of the 12-month movement, putting upward pressure on the all-items CPI. Excluding gasoline, the CPI rose at a slower pace year over year in April (+2.0%) compared with March (+2.2%), StatsCan added.
TD Economics isn't yet seeing much of a knock-on effect to non-energy-related goods or services, noting core inflation pressures were actually softer than expected in April. There is little argument yet for Bank of Canada rate hikes here, and market pricing for rate hikes this year has come down a bit early Tuesday, TD added.
Oil prices have remained high in May, so energy prices are likely to keep headline inflation elevated for some time, said the bank. Given a generally soft economic backdrop in Canada, TD expects the effect on core prices to be more "modest."Core inflation is expected to stay reasonably close to the 2% target on a year-on-year basis this year, it added.
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