TSX Slips on Mining Losses
The S&P/TSX Composite Index slipped below 36,500 on Thursday, weighed down by losses in the mining sector as falling gold prices pressured major producers. Agnico Eagle fell nearly 4%, while Wheaton Precious Metals shed almost 3% and Barrick lost 2%. Several miners reported third-quarter results after Wednesday’s close. Kinross and First Quantum both beat profit expectations despite falling 6% each, while Alamos missed estimates and dropped 8%. In technology, mixed results from major US companies weighed, with Celestica losing more than 4.5% and Shopify shedding 2%. Meanwhile, banks advanced as falling oil prices eased inflation concerns and expectations of interest rates staying higher for longer. RBC, TD Bank, and BMO each gained more than 0.5%, while Scotiabank and CIBC rose nearly 1%.
The S&P/TSX Composite Index slipped below 36,500 on Thursday, weighed down by losses in the mining sector as falling gold prices pressured major producers. Agnico Eagle fell nearly 4%, while Wheaton Precious Metals shed almost 3% and Barrick lost 2%. Several miners reported third-quarter results after Wednesday’s close. Kinross and First Quantum both beat profit expectations despite falling 6% each, while Alamos missed estimates and dropped 8%.
In technology, mixed results from major US companies weighed, with Celestica losing more than 4.5% and Shopify shedding 2%. Meanwhile, banks advanced as falling oil prices eased inflation concerns and expectations of interest rates staying higher for longer. RBC, TD Bank, and BMO each gained more than 0.5%, while Scotiabank and CIBC rose nearly 1%.