TSX Dips on Mining and Energy Losses | Market Update

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The S&P/TSX Composite Index fell 0.5% to close at 34,736, dragged lower by weakness in commodity-linked sectors. Gold prices declined as the US dollar strengthened on growing expectations of further US interest rate hikes, weighing on mining stocks. Agnico Eagle slipped 4.1%, Barrick lost 4.3%, and WPM declined 2.9%. Oil prices also extended this week’s losses amid signs that more tankers are preparing to transit the Strait of Hormuz, putting additional pressure on energy shares. Canadian Natural dropped 3.7%, Suncor fell 3.4%, and Cenovus slid 4.1%.

In contrast, Canadian technology stocks rebounded from the previous session’s global selloff. Shopify jumped 6.1%, Constellation Software rose 2.8%, and Celestica advanced 3.3% ahead of Micron’s earnings release. Micron subsequently reported third-quarter results that topped expectations after the close.

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