Canada's primary stock benchmark, the S&P/TSX composite index, closed in negative territory on Monday, January 13, 2026, presenting a counterintuitive move as the price of crude oil climbed above a key threshold.
Market Moves Defy Rising Energy Prices
Despite the price of oil rising to top US$60 per barrel, the S&P/TSX composite index finished the day's session lower. The index shed 261.77 points to close at 32,874.70 points. This decline occurred even though the energy-heavy TSX often benefits from stronger oil prices, indicating broader market pressures at play.
Analysts Forecast Challenges for Heavy Crude
In related business news, analysts from CIBC World Markets issued a warning for the Canadian energy sector. They are expecting a wider discount on heavy oil this year. This forecast suggests that Canadian heavy crude producers may face continued pricing pressures relative to lighter benchmarks, potentially impacting corporate revenues and sector performance on the TSX.
Broader Business Landscape
The market activity and analyst outlook were reported on a day filled with significant corporate announcements. Notably, CI Financial Corp. expanded its Canadian footprint through the acquisition of Invesco's Canadian asset management business, which holds approximately $26 billion in assets. In other sectors, Algoma Steel provided a sobering forecast, expecting quarterly losses between $95 million and $105 million for its fourth quarter.
The day's market performance underscores the complex factors influencing Canadian equities, where even supportive commodity prices can be outweighed by sector-specific forecasts and broader economic sentiment.
