TSX Closes Flat as Mining Losses Offset Bank Gains
The S&P/TSX Composite Index closed nearly flat at 36,249 on Thursday, as losses in the mining and technology sectors offset gains among major banks. Agnico Eagle fell 4.1%, while Wheaton Precious Metals shed 2.7% and Barrick lost 2.6%. Several miners reported third-quarter results after Wednesday’s close. Kinross and First Quantum beat profit expectations but fell 6.3% and 4%, respectively, while Alamos missed estimates and sank 9.1%. Meanwhile, banks advanced as falling oil prices eased inflation concerns and the risk of interest rates staying higher for longer. RBC gained 0.6%, TD Bank rose 0.7%, BMO added 1.2%, Scotiabank advanced 0.9%, and CIBC climbed 1%. Technology stocks came under pressure from Wall Street’s sell-off following Alphabet’s disappointing earnings, with Celestica losing 5.8% and Shopify shedding 0.7%.
The S&P/TSX Composite Index closed nearly flat at 36,249 on Thursday, as losses in the mining and technology sectors offset gains among major banks. Agnico Eagle fell 4.1%, while Wheaton Precious Metals shed 2.7% and Barrick lost 2.6%. Several miners reported third-quarter results after Wednesday’s close. Kinross and First Quantum beat profit expectations but fell 6.3% and 4%, respectively, while Alamos missed estimates and sank 9.1%.
Meanwhile, banks advanced as falling oil prices eased inflation concerns and the risk of interest rates staying higher for longer. RBC gained 0.6%, TD Bank rose 0.7%, BMO added 1.2%, Scotiabank advanced 0.9%, and CIBC climbed 1%. Technology stocks came under pressure from Wall Street’s sell-off following Alphabet’s disappointing earnings, with Celestica losing 5.8% and Shopify shedding 0.7%.