TSX Slips as Mining Stocks Retreat
The S&P/TSX Composite Index fell nearly 1% close to the 36,000 mark as lower metal prices pressured mining stocks, while oil prices moved higher, stoking energy-driven inflation fears. Gold and silver fell amid hawkish signals from US Federal Reserve officials, while copper also moved lower. Agnico Eagle fell nearly 4%, while Barrick and WPM shed about 3% each. Franco-Nevada declined 2.5%. In addition, CIBC downgraded Endeavour Silver (-8%) to “neutral” from “outperformer.” Meanwhile, oil moved higher amid uncertainty over diplomatic efforts to end the US-Iran war and reopen the Strait of Hormuz. Bond yields moved higher as energy-driven inflation concerns persisted despite the slowdown in the oil rally in recent weeks, pressuring credit-sensitive stocks such as major banks. RBC, BMO, and National Bank lost about 0.5% each.
The S&P/TSX Composite Index fell nearly 1% close to the 36,000 mark as lower metal prices pressured mining stocks, while oil prices moved higher, stoking energy-driven inflation fears. Gold and silver fell amid hawkish signals from US Federal Reserve officials, while copper also moved lower. Agnico Eagle fell nearly 4%, while Barrick and WPM shed about 3% each. 5%.
” Meanwhile, oil moved higher amid uncertainty over diplomatic efforts to end the US-Iran war and reopen the Strait of Hormuz. Bond yields moved higher as energy-driven inflation concerns persisted despite the slowdown in the oil rally in recent weeks, pressuring credit-sensitive stocks such as major banks. 5% each.