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The S&P/TSX Composite Index slid 1.7% to 31,317 on Friday, marking a fourth consecutive weekly decline as escalating conflict in the Middle East and surging energy prices weighed on sentiment. Materials stocks led the downturn following a pullback in gold, with Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada losing between 2% and 5.6%. Financial heavyweights also came under broad pressure: TD Bank and Bank of Montreal each fell about 2%, even as the Bank of Canada left its policy rate unchanged at 2.25% on March 18. Energy producers were a rare bright spot, with Suncor Energy and Cenovus Energy posting modest gains as global crude prices spiked. The moves capped a volatile week in which traders digested reports of force majeure at Iraqi oilfields and possible US military deployments to the region. The index is now down more than 7% for March, as ongoing geopolitical tensions continue to weigh on global equity markets.
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