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Canadian Stocks Slide As Hormuz Closure Continues To Trigger Supply Concerns

April 16, 2026 — 04:28 pm EDT

Written by

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(RTTNews) - Following three sessions of gains, Canadian stocks edged lower on Thursday as investors await the upcoming second round of U.S.-Iran negotiations with cautious optimism amid the ongoing blockade on Iranian ports by the U.S., which has accelerated oil and energy supply concerns.

After opening above yesterday's close, today the benchmark S&P/TSX Composite Index held momentum early in the session but gave ground later to trade below the flatline before settling at 34,052.23, down by 103.76 points (or 0.30%).

Six of the 11 sectors posted gains today, with the real estate sector leading the pack.

The two-week ceasefire on the Middle East war between the U.S., Israel and Iran, announced by U.S. President Donald Trump last week, expires by April 22.

Trump called the first round of peace talks held on Saturday between the U.S. and Iran in Pakistan "a failure" and soon implemented a naval blockade on Iranian ports.

The Pentagon stated that around 13 ships have been turned around by U.S. naval forces since the U.S. blockade on ships entering or exiting Iran's ports across the Strait of Hormuz was enforced on Monday.

The crucial Strait of Hormuz remains effectively shut. The resultant gridlock is pushing oil and natural gas prices higher.

With pressure mounting on both the nations to find a solution, over the past two days, through media interviews, Trump confirmed a second round of discussion, again in Pakistan.

Pakistan military chief Asim Munir met yesterday with Iranian officials in Tehran about the upcoming meeting.

Trump has predicted an "amazing outcome" from the negotiations and stated that Iran wanted a deal "very badly."

On Tuesday, envoys from Israel and Lebanon met in Washington, the first time in decades, hosted by the U.S. and mediated by U.S. Secretary of State Marco Rubio. The talks ended with no significant announcement.

Today, Trump announced via Truth Social that Israel's Prime Minister Benjamin Netanyahu and Lebanon's President Joseph Aoun have agreed to a 10-day ceasefire to adopt diplomatic routes to achieve peace.

On the domestic front, after securing a majority government, Prime Minister Mark Carney suspended the federal fuel excise tax from April 20 until Labor Day (September 7) to reduce the costs for business houses and truck owners.

Carney's Liberal Party now has 174 of 343 seats in the House of Commons after winning the three seats in the results announced on April 13. The party could stay in power until 2029.

There were no prominent data releases on the economic front today.

In Canada, the number of homes across the country sold in March, fell 2.30% from the earlier year.

The Canadian Real Estate Association (CREA) has downgraded its forecast for home sales activity in 2026.

On the earnings front, ADF Group reported its fourth-quarter 2026 earnings.

The company missed both revenue as well as earnings forecast. Earnings Per Share (EPS) was $0.24, below the forecasted $0.36. Revenue stood at $78.8 million, below the expected $79.9 million.

Major sectors that gained in today's trading were Real Estate (1.26%), Communication Services (1.14%), Energy (1.00%), and Healthcare (0.53%).

Among the individual stocks, First Capital REIT Units (8.01%), Riocon Real Est Un (3.91%), Quebecor Inc (3.67%), and Terravest Industries Inc (3.88%) were the prominent gainers.

Major sectors that lost in today's trading were Consumer Discretionary (0.49%), Financials (0.50%), Industrials (0.82%), and Consumer Staples (1.39%).

Among the individual stocks, Saputo Inc (1.94%), Loblaw CO (1.88%), Air Canada (3.66%), and Power Corporation of Canada (2.59%) were the notable losers.

Blackberry Limited (13.63%) and Brp Inc (7.75%) were among the prime market-moving stocks today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.