market.news daily briefing
Thursday, 27 August 2026
⚖️ BlackBerry Surges 11% and Gold Hits US$4,600 as Canada Splits on Tech Surge vs. Bank Drag
Canadian equities were virtually flat Thursday, with the iShares MSCI Canada ETF edging 0.05% higher to 62.26, as a massive 5.74% tech sector surge driven by BlackBerry (+11.04%) and Shopify (+2.69%) was offset by a 0.86% industrials drop and 0.78% bank decline. TD's soaring quarterly profit and RBC's earnings beat provided bank-specific relief but couldn't offset broader sector rotation. Gold topping US$4,600 ahead of Jackson Hole lifted Canadian mining names and kept materials in the green.
Toronto-Dominion Bank delivered a strong quarterly profit beat and Royal Bank of Canada exceeded consensus expectations, providing a counterweight to CIBC's 2.84% single-day drop. Separately, Alberta's AIMCo sovereign wealth manager reported assets crossing C$200 billion — a milestone reflecting the compounding effect of oil royalty contributions and portfolio diversification.
Read at Financial Post ↗Gold crossed the US$4,600 per ounce level as investors positioned ahead of Kevin Warsh's first major speech as Federal Reserve chairman at Jackson Hole. The move reflects both sticky US inflation expectations and safe-haven demand — a combination that benefits Canadian gold producers and lifts the materials sector while compressing rate-sensitive bank multiples.
Read at Financial Post ↗McEwen Inc.'s 46.3%-owned subsidiary McEwen Copper completed a US$240 million term loan facility to fund continued development of the Los Azules copper project in Argentina, moving the project closer to a final investment decision. The financing is significant for Canada's copper supply chain narrative at a moment when copper demand from AI data centres and EV transition infrastructure is outpacing project pipelines.
Read at Financial Post ↗Gainers (5)
Losers (5)
Institutional buying concentrated in TD (+1.39%) and SU (Suncor, +1.14%) — the two names with strongest fundamental backing. The BlackBerry surge appears retail/options-driven rather than institutional. Gold miner positioning (Alamos dividend signal) suggests smart money is using gold's $4,600 level to lock in distributions rather than chase further upside.
Jackson Hole — Kevin Warsh Debut Speech
The new Fed chairman's first major policy communication sets the rate narrative; a hawkish tone would compress gold and pressure Canadian bank multiples simultaneously.
US-Canada Tariff Signals
Any formal trade negotiation update following the Lake Ontario diplomatic spat could sharply move pipeline stocks TRP and ENB — both already under pressure.
BlackBerry Follow-Through
Whether BB can hold above $8.50 after its 11% surge will confirm whether the move was institutional conviction or options-driven momentum that reverses quickly.
