Canadian Market Down Again As Oil's Rise Stokes Inflation, Rate Concerns

(RTTNews) - The Canadian market looks on course to end on a weak note on Wednesday as stocks from consumer discretionary, financials, industrials and technology sectors reel under selling pressure, even as materials and energy stocks find some support on higher commodity prices.

Worries about inflation and interest rate hikes have risen following a sharp rise in oil prices amid escalating tensions in the Middle East.

The benchmark S&P/TSX Composite Index, which dropped to 35,895.32 earlier in the session, was down 114.51 points or 0.32% at 36,008.54 a little while ago.

Shopify is down nearly 5%. Stantec, WSP Global, Lightspeed Commerce, Aecon, Descartes Systems Group, BRP, SNC Lavalin and Thomson Reuters are down 2%-4%.

CGI is down by about 3%. CGI announced the acquisition of Callibrity, an end-to-end technology consulting firm that brings together developers, strategists and engineers to help clients solve complex technology challenges. Callibrity brings 120 consultants to CGI and strengthens its presence in the Cincinnati metro market.

Transcontinental Incorporated shares are down sharply despite the company reporting higher profit in the third quarter of 2026, compared to the same quarter last year, due to an increase in revenues.

Net earnings for the period rose by 183.8% to C$36.9 million or C$0.44 per share from C$13 million or C$0.16 per share a year ago. Adjusted net earnings rose 22.1% to C$27.1 million or C$0.32 per share from C$22.2 million or C$0.27 per share in the prior year.

Among the gainers, NorthWest Company is rising nearly 8%. Novagold Resources, OceanaGold, Pan American Silver, Vermilion Energy, Iamgold, Celestica, Baytex Energy, First Majestic Silver, Torex Gold Resources, Equinox Gold and Ssr Mining are down 2%-5%.