TSX Falls on Miners and Banks Losses
The S&P/TSX Composite Index fell about 0.5% to hover below 36,500 on Thursday amid losses in the banking and mining sectors. Miners posted losses as gold prices fell sharply, pressured by a stronger US dollar, expectations of further Fed tightening, and rising oil prices. Agnico Eagle lost nearly 3%, while Barrick and WPM shed over 1% each. Franco-Nevada edged lower after signaling its annual earnings would land at the midpoint of earlier guidance rather than the top half. Meanwhile, banks declined as rebounding oil prices amid escalating US-Iran tensions revived inflation fears and reinforced expectations of a restrictive monetary policy stance from both the BoC and the Fed. Scotiabank, TD Bank, and BMO lost near 0.5% each. In technology, Shopify fell over 0.5% amid the Nvidia crisis, which increased uncertainty in the sector. Celestica gained nearly 5.5%, extending an 8.4% surge from the prior session driven by recent investor-day commentary and strong third-quarter results.
The S&P/TSX Composite Index fell about 0.5% to hover below 36,500 on Thursday amid losses in the banking and mining sectors. Miners posted losses as gold prices fell sharply, pressured by a stronger US dollar, expectations of further Fed tightening, and rising oil prices. Agnico Eagle lost nearly 3%, while Barrick and WPM shed over 1% each. Franco-Nevada edged lower after signaling its annual earnings would land at the midpoint of earlier guidance rather than the top half.
Meanwhile, banks declined as rebounding oil prices amid escalating US-Iran tensions revived inflation fears and reinforced expectations of a restrictive monetary policy stance from both the BoC and the Fed. Scotiabank, TD Bank, and BMO lost near 0.5% each. In technology, Shopify fell over 0.5% amid the Nvidia crisis, which increased uncertainty in the sector. Celestica gained nearly 5.5%, extending an 8.4% surge from the prior session driven by recent investor-day commentary and strong third-quarter results.