A display showing the S&P/TSX Composite Index is seen at the TMX Market Centre in Toronto (Photo: Tijana Martin / The Canadian Press)
Canada’s main stock market surged to a new all-time high on Monday, thanks to a strong rally in energy stocks driven by rising oil prices.
The S&P/TSX composite index ended the day with a gain of 213.91 points, closing at 26,388.96—marking its highest finish ever. Investors cheered the beginning of a new month with optimism, especially in the energy sector.
Oil prices climbed sharply, giving a solid boost to Canadian energy companies. The July crude oil contract rose by $1.73, settling at US$62.52 per barrel. Natural gas prices also jumped, with the July contract increasing by 24 cents to US$3.69 per mmBTU.
Precious and industrial metals joined the rally. Gold for August delivery soared $81.80 to US$3,397.20 an ounce, while July copper gained 18 cents, reaching US$4.86 per pound. These price increases contributed to the overall rise in Canadian market sentiment.
Meanwhile, south of the border, U.S. markets had a more mixed performance. The Dow Jones Industrial Average edged up by 35.41 points, closing at 42,305.48. The S&P 500 rose by 24.25 points to finish at 5,935.94, and the Nasdaq Composite advanced 128.85 points, closing at 19,242.61.
In currency news, the Canadian dollar strengthened, trading at 72.96 cents US, up from 72.68 cents US on Friday.
The beginning of July has brought a fresh wave of investor confidence, with Canada’s resource-rich market—especially energy and mining—leading the charge. Rising commodity prices have painted a hopeful picture for sectors heavily tied to global demand, and this momentum helped the TSX notch a new record.
While U.S. markets also posted modest gains, the standout performance came from Canada, largely thanks to its strong exposure to energy and natural resources. With oil and gold both jumping significantly, investors leaned into these sectors with renewed interest.
As the second half of the year kicks off, many will be watching whether this energy-fueled rally can be sustained or if market volatility will return. For now, Canadian stocks are enjoying their moment in the spotlight.
