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Stock Markets June 1, 2026 04:30 PM

Toronto market edges lower as materials, financials and REITs weigh on S&P/TSX

S&P/TSX Composite slips 0.10% as select tech and services names post notable gains; volatility edges higher

By Jordan Park CLS BB EQX

Canadian equities closed modestly lower on Monday, with the S&P/TSX Composite finishing down 0.10%. Broad pressure from the Materials, Financials and REITs sectors dominated the session, even as several individual stocks posted sizable advances. Market breadth favored decliners, and implied volatility on TSX options ticked up.

Toronto market edges lower as materials, financials and REITs weigh on S&P/TSX
CLS BB EQX

Key Points

  • S&P/TSX Composite closed down 0.10% with Materials, Financials and REITs applying downward pressure - these sectors influenced the broader market performance.
  • Celestica (CLS), Parex Resources (PXT) and BlackBerry (BB) were the day's strongest performers, with CLS reaching an all-time high and BB a three-year high.
  • Market breadth showed more decliners than advancers (537 vs 436) and implied volatility on TSX options, as measured by the S&P/TSX 60 VIX, rose 5.45% to 13.93.

Toronto stocks finished the trading day in negative territory on Monday, driven by declines in Materials, Financials and REITs. At the close, the S&P/TSX Composite index was down 0.10%.

Among individual performers, Celestica Inc. (TSX:CLS) led gains on the index, jumping 10.36% - a rise of 55.23 points - to end the session at 588.24. Parex Resources Inc. (TSX:PXT) added 10.27%, gaining 2.47 points to finish at 26.52. BlackBerry Ltd. (TSX:BB) also recorded a strong advance, up 8.74% or 1.08 points to close at 13.44.

On the downside, Equinox Gold Corp. (TSX:EQX) posted the largest decline among the main decliners, slipping 8.19% or 1.54 points to close at 17.26. Orla Mining Ltd. (TSX:OLA) fell 7.95%, down 1.47 points to 17.03, while G Mining Ventures Corp. (TSX:GMIN) declined 6.79% or 2.93 points to settle at 40.23.

Market breadth on the Toronto Stock Exchange favored losers. Declining issues outnumbered advancing ones by 537 to 436, and 78 issues finished unchanged.

Notable price milestones were recorded during the session. Celestica's shares rose to an all-time high, gaining 10.36% to reach 588.24. BlackBerry's shares climbed to a three-year high, increasing 8.74% to 13.44.

Volatility, as measured by the S&P/TSX 60 VIX, moved higher, increasing 5.45% to 13.93. That indicator reflects the implied volatility priced into options on the S&P/TSX Composite.

Commodities trading saw mixed moves. Gold futures for August delivery fell 1.75%, down $80.45 to $4,512.55 a troy ounce. In energy markets, U.S. crude for July delivery rose 5.73%, up $5.01 to $92.37 a barrel, while the August Brent contract increased 4.59%, adding $4.18 to trade at $95.30 a barrel.

Currency and index measures registered modest activity. The U.S. Dollar Index futures were up 0.30% at 99.14. On cross rates, CAD/USD was unchanged at 0.33% to 0.72, and CAD/EUR was unchanged at 0.09% to 0.62.

Summary of key market statistics cited in the session:

  • S&P/TSX Composite -0.10% at close.
  • Top winners: CLS +10.36% (588.24), PXT +10.27% (26.52), BB +8.74% (13.44).
  • Top losers: EQX -8.19% (17.26), OLA -7.95% (17.03), GMIN -6.79% (40.23).
  • Advancers vs decliners: 436 up, 537 down, 78 unchanged.
  • S&P/TSX 60 VIX +5.45% to 13.93.
  • Gold (Aug) -1.75% to $4,512.55 per troy ounce; Crude (Jul) +5.73% to $92.37/bbl; Brent (Aug) +4.59% to $95.30/bbl.
  • U.S. Dollar Index Futures +0.30% at 99.14; CAD/USD unchanged 0.33% to 0.72; CAD/EUR unchanged 0.09% to 0.62.

Risks

  • Sector concentration risk: losses in Materials, Financials and REITs were a primary driver of the market decline, indicating sector-specific pressures on the index.
  • Volatility risk: the increase in the S&P/TSX 60 VIX to 13.93 suggests higher option-implied volatility that could affect short-term price stability.
  • Commodity price swings: notable moves in gold and crude futures - gold down 1.75% and crude up more than 4% - introduce uncertainty for resource-linked sectors and investors exposed to commodity price shifts.

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