Canada Stock Markets Rise as TSX Gains Over 300 Points

Canada's main stock index rose significantly on Monday, November 2, 2026, as investors reacted to a sharp decline in oil prices and gains across most sectors. The S&P/TSX composite index climbed 332.75 points, or 1.4%, reaching 35,952.78 by the afternoon, according to Yahoo! Finance Canada.

Why it is trending now

The market rally was primarily driven by a drop in oil prices, which analysts attribute to hopes that renewed talks between the United States and Iran could reduce supply risks in the Middle East. While the energy sector faced a slight decline, gold, materials, and industrial stocks saw strong performance, pushing the broader index higher.

Key facts

• The S&P/TSX composite index gained 332.75 points, as reported by Yahoo! Finance Canada.
• The TSX Venture Exchange rose 11.55 points to reach 815.33.
• Air Canada shares surged 7% to $21.60, while Boyd Group Services also rose 7% to $125.46.
• The S&P Global Canada Manufacturing PMI dropped to 49.6 in October, down from 51.5 in September, marking the first contraction of 2026.

Why this is trending in Canada

Canadians are monitoring these market movements closely as the TSX shows resilience despite a contraction in the manufacturing sector. The shift in oil prices is particularly relevant to the Canadian economy, which remains sensitive to global energy supply dynamics.

Background and context

The rise in the TSX follows a period of volatility and comes as investors prepare for a busy week of corporate earnings results. While the manufacturing PMI data suggests a cooling in that specific sector, the broader market performance indicates continued investor confidence in other areas, such as gold and materials. The Canadian dollar remained unchanged at 71.61 cents U.S. during the trading session.

What happens next

Market participants are now focusing on upcoming corporate earnings reports and the influence of political developments, including midterm elections in the United States. Analysts continue to watch the manufacturing data to see if the October contraction represents a short-term dip or the start of a broader trend.