TSX Tumbles Amid Higher Oil Prices and Inflation Worries

The Toronto Stock Exchange (TSX) saw significant losses on Monday as higher oil prices led to renewed inflation worries. The TSX dropped 259.8 points, opening at 35,541.09. Brent crude futures surged nearly 4% to about $108.25 a barrel after US President Donald Trump rejected a peace deal from Iran.

The Canadian dollar fell by 0.05 cents to 70.60 cents. International Petroleum repurchased 148,500 shares last week under its normal course issuer bid, continuing its share buyback program. IPCO shares rose by 37 cents, or 1.1%, to $34.98.

The TSX Venture Exchange gave back 19.46 points, or 2.1%, to 901.55. Eight of the 12 subgroups were lower soon after the open, with gold falling 4.3% and materials subsiding 3.3%. The four gainers were led by energy, progressing 1.1%, utilities, better by 0.2%, and consumer staples, inching up 0.1%.