TSX Edges Up as Oil Prices Weigh on Energy Stocks

The TSX Composite Index was subdued on Monday due to a decline in oil prices and its impact on energy stocks. The index edged up 14.72 points, or 0.04%, to 35,821.37, with six of the ten main sectors reporting losses.

Oil prices slid towards $100 per barrel, dropping by over 3% in value. This decline weighed heavily on heavyweight energy stocks, which fell 2.1%. Financials and information technology sectors, however, gained 0.9% and 1.1%, respectively, helping to limit losses on the TSX.

The mining sector also reported losses, with First Majestic Silver and Equinox Gold dropping by 3.4% and 3%, respectively. The broader mining index fell 1.1%. Market participants are now awaiting Bank of Canada Governor Tiff Macklem's speech for clues on the central bank's future policy path.

'The economy is reasonably fragile,' said Shiraz Ahmed, founder and CEO of Sartorial Wealth. 'We do not have a trade deal with the United States. The Bank of Canada has to tread very carefully by raising rates.' He added that it is likely the central bank will hold off on rate hikes.