# TSX Edges Higher as Energy Gains Offset Tech Sector Selloff

- URL: https://stocks.freetheai.org/news/tsx-edges-higher-as-energy-gains-offset-tech-sector-selloff-49186a
- Published: 2026-10-16T20:46:46Z
- Category: markets; sentiment: mixed; impact: medium
- Symbols: [TSX:TSX](https://stocks.freetheai.org/symbols/TSX-TSX)
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Canada's benchmark stock index recorded a slight gain on Friday as surging energy shares countered a sharp decline in technology equities. The S&P/TSX Composite Index (TSX:TSX) edged 0.1% higher to close at 36,177, bringing its total gain for the week to 0.8%.

Rising oil prices tied to mounting supply risks provided a boost to energy producers across the market. Canadian Natural Resources (CNQ) rose 3.2%, while Suncor Energy (SU) and Cenovus Energy (CVE) each gained 2.7%. Imperial Oil (IMO) added 2.9%, and pipeline operator Enbridge (ENB) advanced 2.3%. In contrast, tech equities faced heavy selling as Wall Street chipmakers extended an eight-day losing streak—their longest since 2008. Shopify (SHOP) fell 5.1%, Celestica (CLS) dropped 3.9%, and Constellation Software (CSU) declined 3.0%.

Elsewhere, financial stocks were muted following hawkish comments from the Bank of Canada governor, while mining stocks ended mixed due to falling gold and silver prices. Market participants will be watching energy prices and central bank signals to determine if market momentum can continue into the coming week.

## Key points

- The S&P/TSX Composite Index rose 0.1% to close at 36,177 on Friday, ending the week 0.8% higher.
- Energy producers led gains as Canadian Natural Resources climbed 3.2% amid rising oil prices.
- Shopify dropped 5.1% as an eight-day Wall Street semiconductor selloff weighed on tech shares.
- Bank stocks remained subdued following hawkish remarks from the Bank of Canada governor.

## Questions and answers

### Why did the TSX rise on Friday?

The TSX edged 0.1% higher as gains in energy stocks offset a deepening selloff in technology shares.

### Why did Shopify stock drop?

Shopify fell 5.1% as a downturn in Wall Street semiconductor stocks extended to eight straight sessions.

### How did Canadian energy stocks perform?

Canadian energy stocks rose, led by Canadian Natural Resources up 3.2% and Imperial Oil up 2.9%.