TSX Up Over 1% As Oil's Slide Lifts Sentiment

(RTTNews) - The Canadian market is up firmly in positive territory around noon on Monday with stocks from various sectors moving up sharply amid easing concerns about inflation following a sharp drop in oil prices.

Oil prices fell as ongoing discussions involving Iranian officials and Qatari mediators have raised hopes of possible breakthrough that could ease supply concerns and improve the outlook for global energy markets.

Traders are also reacting to reports suggesting that U.S. President Donald Trump wants to give diplomacy with Iran more time before resuming strikes.

The benchmark S&P/TSX Composite Index up down 381.72 points or 1.07% at 36,001.75 a couple of minutes before noon.

The Materials Capped Index is rising 3.2%. The Consumer Discretionary Capped Index, the Industrials Index and the Real Estate Index are up 2.7%, 2.6% and 2.1%, respectively.

Several stocks from healthcare, financials, communications and consumer staples sectors are also up with strong gains.

The Energy Capped Index is down as much as 3.7% with several stocks in the sector posting sharp losses. West Texas Intermediate crude front-month futures are down $7.32 or about 7% at $96.80 a barrel.

Real Matters, Colliers International Group, Boyd Services, Brookfield Business Partners, WSP Global, Eldorado Gold and Stantec are gaining 6%-8%.

Air Canada is climbing up nearly 6%. Lundin Mining, Onex Corporation, Altus, AtkinsRealis, FirstService, Aecon, B2Gold, Brookfield Business Corp, ATS Automation Tooling Systems, Pan American Silver, New Flyer Industries, Fortuna Silver Mines, BRP, Torex Gold Resources, Exchange Income and Chorus Aviation are up 4%-5.6%.

Energy stocks Baytex Energy, Vermilion Energy, Gran Tierra Energy, Cenovus Energy, Parex Resources, Whitecap Resources, Precision Drilling, Canadian Natural Resources and Suncor Energy are down 3%-7.2%.

In economic news, data from S&P Global showed that its Canada Manufacturing PMI fell to 49.6 in October from 51.5 in September, signalling the first contraction in 2026 so far.