TSX Closer: Index Drops as Financial, Mining Losses Outweigh Energy Surge; US-Iran Fighting Hikes Inflation Fears

The Toronto Stock Exchange dropped on Wednesday as losses in financial and mining shares outweighed a sharp rise in energy stocks, while renewed fighting between the US. and Iran fueled inflation concerns and weighed on investor sentiment. The S&P/TSX Composite Index closed down 336.79 points, or 0.95%, to 34,935.80, with a majority of sectors ending lower. Energy led gainers, up 3.78%, with Telecom and Utilities, up 0.31% and 0.98%, respectively. Battery Metals Index led decliners, down 5.56%, while Financial, down 1.86%, Base Metals, down 2.01%, Industrials, down 0.42%, Information and Technology, down 0.71% and Health Care, down 0.04%. In commodities, gold traded lower on Wednesday as renewed fighting between Iran and the U.S. boosted oil prices and the dollar, reviving inflation fears that weighed on the precious metal. Gold for August delivery was last seen down $80.90, or 2%, to $4,076.50 per ounce, the lowest since June 30. Meanwhile, West Texas Intermediate (WTI) closed higher on Wednesday as the US. and Iran traded attacks, with President Trump saying the ceasefire deal reached last month is over. WTI crude oil for August delivery closed up $3.08, or 4.4%, to.