TSX Falls as Mining Stocks Dip
The S&P/TSX Composite fell nearly 1% to hover near 36,000 on Tuesday as declining gold prices pressured mining stocks. Gold fell sharply on hotter-than-expected US inflation and hawkish remarks from Federal Reserve Governor Waller. Agnico Eagle fell over 3%, Barrick more than 4%, and WPM over 3.5%. Oil prices extended losses as investors increasingly anticipated a diplomatic resolution to the US-Iran conflict. Energy stocks fell, with Canadian Natural, Suncor, Imperial Oil and Cenovus losing about 2% each. Lower energy prices provided some relief to credit-sensitive sectors. RBC, TD Bank, BMO, Scotiabank and CIBC each rose over 0.5%. On the earnings front, iA Financial jumped 4% after beating EPS estimates and raising its quarterly common dividend. Hydro One lost more than 0.5% after missing EPS expectations. Equinox Gold fell over 2% as adjusted EPS fell short, and Endeavour Silver tumbled nearly 4.5% after narrowing its full-year gold production guidance.
The S&P/TSX Composite fell nearly 1% to hover near 36,000 on Tuesday as declining gold prices pressured mining stocks. Gold fell sharply on hotter-than-expected US inflation and hawkish remarks from Federal Reserve Governor Waller. Agnico Eagle fell over 3%, Barrick more than 4%, and WPM over 3.5%. Oil prices extended losses as investors increasingly anticipated a diplomatic resolution to the US-Iran conflict.
Energy stocks fell, with Canadian Natural, Suncor, Imperial Oil and Cenovus losing about 2% each. Lower energy prices provided some relief to credit-sensitive sectors. RBC, TD Bank, BMO, Scotiabank and CIBC each rose over 0.5%. On the earnings front, iA Financial jumped 4% after beating EPS estimates and raising its quarterly common dividend.
Hydro One lost more than 0.5% after missing EPS expectations. Equinox Gold fell over 2% as adjusted EPS fell short, and Endeavour Silver tumbled nearly 4.5% after narrowing its full-year gold production guidance.