21.10.202620:59:25UTC+00Canadian Stocks Gain as Oil Rally Eases

The S&P/TSX Composite Index climbed 0.6% to close at 36,325 on Wednesday, supported by easing pressure on credit‑sensitive stocks as oil prices remained volatile. Crude trading was choppy ahead of next week’s Bank of Canada policy decision, and a pause in the recent oil rally provided some relief for major banks, which have been under strain from persistent inflation concerns and elevated borrowing costs. RBC gained 1.2%, TD Bank advanced 2%, BMO added 1.7%, and Scotiabank rose 1.6%.

Despite the respite, markets largely expect the BoC to raise interest rates at next week’s meeting, with additional policy clarity anticipated when the federal budget is released on November 5.

In resources, most mining names moved higher as gold prices inched up, lifting Barrick by 0.6% and Franco‑Nevada by 0.9%. The technology sector also firmed: Shopify ticked up 0.4%, while Celestica gained 1.4%, tracking a rebound in US AI hardware stocks following strong results from SpaceX.