CANADA STOCKS-TSX ends lower as Middle East war strains global economy

BY Reuters | ECONOMIC | 04/23/26 04:25 PM EDT

* TSX ends down 0.1% at 33,912.93

* Tech falls 4.5%, with Shopify (SHOP) down 5.7%

* Energy adds 1.8% as oil settles 3.1% higher

* Teck rises 2.8% after earnings beat (Updates at market close)

By Fergal Smith

April 23 (Reuters) - Canada's main stock index edged lower on Thursday, led by declines for technology and metal mining shares, as investors weighed evidence that the war in the Middle East is hurting the global economy.

The Toronto Stock Exchange's S&P/TSX Composite Index ended down 42.18 points, or 0.1%, at 33,912.93.

There are signs that the war is beginning to weigh on the global economy and specific industries, Colin Cieszynski, chief market strategist at SIA Wealth Management, said in a note.

"Higher energy prices are now filtering into corporate outlooks and forward expectations," Cieszynski said.

The global economy is facing ever more tangible strains from the energy shock triggered by the Iran war as factories grapple with soaring production costs and activity weakens even in services sectors, major surveys showed.

Canadian producer prices rose 2.4% in March from February on higher prices for energy and petroleum products, as well as chemical products, linked to the closure of the Strait of Hormuz. The price of oil settled 3.1% higher at $95.89 a barrel after reports that air defenses were engaging targets over Tehran and of a power struggle between Iranian hardliners and moderates.

Technology fell 4.5%, with shares of Shopify (SHOP) and Constellation Software (CNSWF) both down 5.7%, as U.S. corporate results revived concerns that the software sector's traditional business models could be upended by new AI tools.

The materials group, which includes metal mining shares, ended 1.5% lower as gold and copper prices fell.

Teck Resources (TECK) beat analysts' estimates for first-quarter profit, aided by an increase in copper prices and record sales, while the company's proposed merger with Anglo American remained on track. The miner's shares rose 2.8%. Industrials also added 2.8% as railroad stocks notched gains and after solid waste operator Waste Connections (WCN) beat first-quarter revenue estimates, sending its shares 8.3% higher. Energy was up 1.8%. (Reporting by Fergal Smith in Toronto and Tharuniyaa Lakshmi in Bengaluru; Editing by Jonathan Ananda and Nia Williams)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article