Cargojet led Tuesday's TSX session, up 4.6 percent, as financials and industrials drove the index to a fresh intraday record. The big four banks and Brookfield each added roughly a percentage point, while the broad energy sector, Monday's clear leader, gained just 0.3 percent, the day's weakest performance. The shift followed comments from Qatari and Pakistani officials pointing to progress in Oman-Iran shipping talks and a possible US-Iran arrangement.
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Canada's 10-year government bond yield, the TSX composite and Brent crude had moved together through early August as Strait of Hormuz risk built, but Tuesday broke that pattern.
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Brent was the only one of the three to finish above its starting level, while the index and gold both fell.
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The Bank of Canada held its policy rate at 2.25% for a seventh straight time, yet Canadian yields rose as United States yields surged.
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The index fell for the month even though Brent crude gained and the Strait of Hormuz stayed shut, because rising United States bond yields outweighed oil and gold.
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Canadian yields drifted higher through August even though the Bank of Canada held its policy rate at 2.25% and had no decision to make during the month.
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Gold rallied and gold miner shares carried the TSX higher, while Brent ended the month close to where it began.
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