Canada’s main stock index was little changed on Monday, as rising oil prices provided support after renewed military tensions between the United States and Iran raised concerns about potential disruptions to crude shipments through the Strait of Hormuz. Surprising to no one, the energy market was the top gainer on the TSX.
US markets faced pressure, particularly in the semiconductor sector, as chip stocks followed declines seen among their global counterparts. Investors continued to monitor developments in the Middle East while preparing for a busy week of corporate earnings announcements. Over the weekend, the US and Iran exchanged fresh airstrikes, with Tehran targeting US military installations across several Gulf nations and announcing the closure of the Strait of Hormuz.
Semiconductor shares were among the hardest hit. US-listed SK Hynix (NASDAQ:SKHY) stock dropped 8.81 per cent after the South Korean memory-chip maker’s Nasdaq debut on Friday, during which its shares surged 13 per cent.
| TSX | 35,252.72 | -52.59 |  |
| TSXV | 881.28 | -24.70 | |
| CSE | 159.22 | +0.25 |  |
| DJIA | 52,498.64 | -138.37 | |
| NASDAQ | 25,873.18 | -408.43 | |
| S&P 500 | 7,515.34 | -60.05 | |
The Canadian dollar traded for 70.63 cents US compared to 70.64 cents US on Friday.
US crude futures traded US$6.93 higher at US$78.34 a barrel, and the Brent contract rose US$7.60 to US$83.61 a barrel.
The price of gold was down US$88.58 to US$3,998.88.
In world markets, the Nikkei was down 1,315.00 points to ¥67,242.73, the Hang Seng was up 38.60 points to HK$24,213.72, the FTSE was up 1.00 point to ₤10,498.29, and the DAX was up 47.16 points to €25,114.25.