TSX Falls as Banks and Tech Stocks Slide
The S&P/TSX Composite Index edged lower toward 35,500 on Thursday, weighed down by losses in the banking and tech sectors. Major banks declined amid volatile oil prices, as persistent concerns about energy-driven inflation continued to pressure credit-sensitive stocks. TD Bank, National Bank and BMO each fell 0.5%. In the technology sector, Celestica extended its losses, plunging more than 7% as the selloff in Wall Street chipmakers continued, while Shopify fell nearly 1.5%. Energy producers also retreated as oil prices fluctuated, with Cenovus shedding 1% and other major energy stocks edging lower. Energy infrastructure stocks weakened as well, with Enbridge falling more than 1%In contrast, rising gold and silver prices supported mining shares, with Agnico Eagle gaining more than 1% and Barrick rising nearly 1%. On the data front, Canadian manufacturing sales rose 1.5% month-over-month in August, beating forecasts for a 1.1% increase, led by gains in the primary metals and chemicals.
The S&P/TSX Composite Index edged lower toward 35,500 on Thursday, weighed down by losses in the banking and tech sectors. Major banks declined amid volatile oil prices, as persistent concerns about energy-driven inflation continued to pressure credit-sensitive stocks. TD Bank, National Bank and BMO each fell 0.5%. In the technology sector, Celestica extended its losses, plunging more than 7% as the selloff in Wall Street chipmakers continued, while Shopify fell nearly 1.5%.
Energy producers also retreated as oil prices fluctuated, with Cenovus shedding 1% and other major energy stocks edging lower. Energy infrastructure stocks weakened as well, with Enbridge falling more than 1%In contrast, rising gold and silver prices supported mining shares, with Agnico Eagle gaining more than 1% and Barrick rising nearly 1%. On the data front, Canadian manufacturing sales rose 1.5% month-over-month in August, beating forecasts for a 1.1% increase, led by gains in the primary metals and chemicals.