TSX Near Flat as Banks Losses Offset Broader Gains

The S&P/TSX Composite Index was near flat on Wednesday as losses in banking partially offset gains in mining and energy producers. Oil prices rebounded amid uncertainty over US-Iran negotiations, supporting energy producers but pressuring credit-sensitive sectors as persistent energy-driven inflation concerns remained. Canadian Natural, Imperial Oil and Cenovus rose about 1%, while Suncor added 1.5%. Most major banks traded below the flatline. Meanwhile, gold prices rose, lending support to mining shares, with Franco-Nevada gaining 4%. US PCE inflation came in slightly below estimates, easing some concerns over further interest rate hikes by the Fed and BoC. The personal consumption expenditures price index rose 3.4% year over year, below forecasts of 3.7%. The softer-than-expected reading limited losses in the financial sector as Fed officials continued to monitor inflation and spending data.