A new record close for the TSX Composite on Tuesday evening, the fourth in five sessions and the fifteenth in 2026.
Up 7% since the start of the year, Canada's main index continues its strong run. The TSX rose 28% in 2025 and should, barring an accident, end a tenth consecutive month of gains by the end of this week.
Canada's stock market is thus posting one of the best performances in the developed world over the past year. Against Wall Street, the gap has continued to widen over the period.
Performance of the TSX Composite and the S&P 500 over one year. Source: MarketScreener
All this despite trade pressure from the United States. Donald Trump imposed tariffs on Canada as soon as he returned to power, citing the fight against fentanyl trafficking. This year, the United States, Canada and Mexico will also have to renegotiate the USMCA free-trade agreement.
Relations between the two countries are all the more strained as Donald Trump has repeatedly said Canada should be the 51st US state, referring to the Canadian prime minister as "Governor Carney".
American pressure is not stopping the index from moving higher. The TSX is made up mainly of mining and gold stocks. These companies have benefited from the surge in gold and silver prices over the past year. Investors' rush into safe havens is partly explained by trade and geopolitical uncertainty, and therefore by the agitation of the occupant of the White House.
The TSX is therefore less sensitive to the correction in tech stocks, amid fears of disruption driven by AI. However, the index's handful of data providers or software companies are suffering the same setbacks as their US peers. Thomson Reuters is down 32% since the start of the year, while Constellation Software is down 28%.
