S&P/TSX Composite falls 0.8% as mining and energy slide
The S&P/TSX Composite Index fell 0.8% to close at 36,554, pressured by mining and energy. Gold slid after hawkish Federal Reserve Chair Kevin Warsh comments; oil declined on Strait of Hormuz flow increases and an Iran-Oman framework.
The S&P/TSX Composite Index fell 0.8% to close at 36,554 on Friday, weighed down by losses in mining and energy stocks.
Mining shares declined sharply as gold prices fell following hawkish commentary from Federal Reserve Chair Kevin Warsh, which strengthened expectations for a rate hike next month.
Agnico Eagle tumbled 3.8%, Barrick lost 3.1%, WPM retreated 2.6%, and Kinross shed 3.5%.
Energy producers also declined as oil prices fell after flows through the Strait of Hormuz increased and Iran and Oman agreed on a revenue-sharing framework for the waterway.
Canadian Natural fell 1.3%, Suncor lost 1.1%, and Imperial Oil shed 1%.
AI-infrastructure stocks tracked losses in US chipmakers, with Shopify down 0.6% and Celestica tumbling 5.5%.
Financials and the broader market held up better, supported by Canada’s GDP growth of 3.3% in Q2, its strongest pace in nearly two years.