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Toronto Stock Exchange (TSX): banks, energy and mining
Since 1861· Institution or agency
Fact, law or dataA rule, statute, definition or measured number.
Canada's main stock exchange, founded in 1861 and owned by TMX Group, packed with banks, oil producers and mining companies.
See it on the Money & Finance map →How it works
Twenty-four Toronto businessmen formed the exchange in October 1861. TMX Group also runs the TSX Venture Exchange for small companies and the Montreal Exchange for derivatives. Financials, energy and materials make up well over half of the S&P/TSX Composite index: the big five banks (RBC, TD, Scotiabank, BMO and CIBC), oil-sands producers, gold miners and fertilizer maker Nutrien. Canada is about 3% of world stock value, and many large Canadian firms also list in New York.
Why it matters
The TSX tracks commodity prices and Canadian banking, and it lists more mining companies than any other exchange, making Toronto the main place mines raise money.
Facts, rules and data
TMX Group annual reports and mining-listing statistics, S&P Dow Jones Indices sector weights, and histories of the Toronto exchange.
Debates and risks
Whether Canada's resource-heavy market can grow a deeper tech sector beyond Shopify, or will keep losing fast-growing firms to US listings.
Connections (2)
▸Toronto Stock Exchange (TSX): banks, energy and mining is heavy with producers of Commodities: oil, metals and cropsFact, law or data
The connection
Energy and materials companies make up roughly a third of the S&P/TSX Composite, and Canadian banks lend heavily to them. When oil, gold or copper prices rise, the index and the Canadian dollar often rise too. The TSX and TSX Venture list more mining companies than any other exchanges, about 40% of the world's.
When and why
Toronto and Calgary; producers such as Canadian Natural, Suncor, Agnico Eagle and Nutrien.
How we know
TMX mining-listing statistics and S&P Dow Jones Indices sector weights.
Debates and risks
Whether climate policy shrinks the oil-heavy part of the index or boosts demand for the metals its miners produce.
▸Toronto Stock Exchange (TSX): banks, energy and mining ranks third in North America after Stock exchanges: NYSE and NasdaqFact, law or data
The connection
By listed value the TSX comes after the NYSE and Nasdaq in North America, with Canada about 3% of world stock value. Many large Canadian firms, such as Shopify, the big banks and Canadian Pacific Kansas City, list in both countries, so New York competes with Toronto for trading and new listings.
When and why
Toronto and New York; cross-listing grew from the 1990s.
How we know
World Federation of Exchanges data and TMX and NYSE listing records.
Debates and risks
Whether Canadian growth companies will keep choosing New York's deeper pool of investors.