Canadian Market Recovers From Early Setback; Middle East Tensions Weigh

RTTNews | 169 days ago

(RTTNews) - After a sharp early setback, the Canadian market recovered and briefly moved into positive territory Thursday morning, thanks to some strong buying in a few top stocks in consumer, energy and utilities sectors.

The mood in the market is quite cautious amid uncertainty about the status of U.S.-Iran peace talks.

Iran dismissed the 15-point plan to pause the war, and said that an end to the conflict will only occur on Tehran's own terms and timeline.

Subsequently, in a post on Truth Social, U.S. President Donald Trump described Iranian negotiators as "very different" and "strange" but claimed they are "begging" the U.S. to make a deal.

"They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won't be pretty!" Trump warned.

Meanwhile, several Gulf countries have issued a joint statement condemning Iran's "criminal" attacks on their energy infrastructure.

The benchmark S&P/TSX Composite Index, which recovered to 32,506.44 from an early low of 32,053.13, was down 68.99 points or 0.21% at 32,313.61 a little while ago.

Consumer staples stocks Jamieson Wellness, Weston George and Loblaw gained 1%-1.5%. Consumer discretionary stocks Brp Inc. and Pet Valu Holdings climbed 3.75% and 3.2%, respectively. Restaurant Brands International gained 1.8%.

Energy stocks Terravest Industries, Baytex Energy, Birchcliff Energy, Parex Resources, Whitecap Resources, International Petroleum Corp. and Vermilion Energy gained 1.5%-2.3%.

Transcontinental Inc. shares tumbled nearly 10%. Cogeco Inc. and Cogeco Communications lost 8.4% and 7%, respectively. Celestica Inc shed about 6%.

Lundin Mining, Teck Resources, K92 Mining, Hudbay Minerals, OceanaGold, AtkinsRealis, Cameco Corporation, Nutrien, First Quantum Minerals, Ero Copper and Gildan Activewear lost 2%-5%.

In economic news, data from Statistics Canada showed average weekly earnings of Canadian non-farm payroll employees rose 2% year-over-year to C$1,320.46 in January 2026, up from 1.9% in December 2025. Month-over-month, average weekly earnings were little changed in January.

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