TSX Drops as Banking and Mining Stocks Weigh

The S&P/TSX Composite Index fell 0.6% to close at 35,236 on Wednesday as losses in banking and mining more than offset gains among energy producers. Oil prices rebounded amid uncertainty over US-Iran negotiations, supporting energy stocks but pressuring credit-sensitive sectors as concerns over persistent energy-driven inflation remained. Most major banks traded lower, with RBC losing 1.1% and TD Bank shedding 0.9%. Imperial Oil rose 1.1%, while Suncor gained 10.7%. Meanwhile, gold prices reversed earlier gains, weighing on mining shares, with Barrick down 1%, Agnico Eagle shedding 1.3%, and Franco-Nevada losing 3.8%. First Quantum plunged 15.3% after a Panamanian commission urged the orderly closure of its Cobre Panama mine. On the month, the S&P/TSX Composite Index shed 2.1%.