04:28 PM EDT, 07/30/2026 (MT Newswires) -- The S&P/TSX Composite Index edged higher on Thursday as gains in base metals and energy stocks outweighed weakness in industrials, while investors digested Canadian labor market data and the latest economic outlook.

The index closed up 172.06 points, or 0.5%, at 35,505.84, with sectors trading in a mixed range. Base Metals led gainers, up 4.4%, while energy was up 1.2%. Industrials led decliners, down 2.8%.

In commodities, West Texas Intermediate (WTI) crude oil closed lower, even as the US military continued its intense strikes against Iran. September WTI crude oil contract closed down $0.87, or 1%, and settled at $83.59 per barrel, while September Brent oil was last seen down $1.49, or 1.6%, at $89.25 per barrel.

Meanwhile, spot gold was last seen up 1.12%, or $45.65, to $4,113.21 per ounce after the US Federal Reserve on Wednesday held interest rates steady.

Additionally, Canadian oilseed processors crushed 1.2-million tonnes of canola in June, Statistics Canada reported on Thursday, up 12.8% from May.

Separately, fresh labor market data pointed to continued growth in Canadian employment.

Payroll employment in Canada rose by 24,100 workers, or 0.1%, on a monthly basis in May with gains led by public administration, health care and social assistance, and retail trade, according to the country's statistics agency.

The number of employees receiving pay and benefits from their employer in the Survey of Employment, Payrolls and Hours was slower than the increase of 59,000 in April, Statistics Canada said Thursday.

Meanwhile, TD Economics said Canada has avoided a broad-based recession despite two consecutive quarters of economic contraction, as the economy has undergone rolling sectoral adjustments rather than a widespread downturn. However, the bank cautioned that growth remains fragile amid ongoing US trade uncertainty.

"The next phase of the cycle should be judged by the quality and breadth of growth. Sustained gains in GDP per capita, rising industry participation, and a narrower gap between headline growth and lived economic conditions would signal a healthier and more durable recovery," wrote Rannella Billy-Ochieng, senior economist at TD.

In stocks, Bausch Health (BHC.TO) closed up 28.5% to a near six-month high of C$8.43, after it reported a Q2 earnings and revenue beat late Wednesday and upgraded its fiscal 2026 guidance. Lightspeed (LSPD.TO), which also reported a Q1 beat this morning, fell 12.8% to C$13.49.