TSX Drops 1%

2026-03-05 21:09 By Felipe Alarcon 1 min. read

The S&P/TSX Composite Index extended its decline to close 1% lower at 33,610 on Thursday as intensifying conflict in the Middle East and persistent domestic inflation pressures drove a broad sell-off across mining and financial sectors.

Gold miners faced the brunt of the market retreat with Agnico Eagle and Barrick Gold plummeting 4.7% and 2.9% respectively while metals producers like First Quantum Minerals and HudBay Minerals saw sharper double-digit percentage drops as risk appetite vanished.

Financials including Brookfield, TD Bank, BMO and Scotiabank retreated between 1.2% and 1.8% as rising bond yields heightened concerns over credit costs.

Energy producers provided a notable counterweight as Canadian Natural Resources and Cenovus Energy gained 2.8% and 2.3% on supply fears.

Technology and defensive names offered some stability with Shopify and Constellation Software climbing 4.1% and 5.4% while Alimentacion Couche-Tard and Great West Lifeco also posted gains during the session.



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TSX Drops 1%
The S&P/TSX Composite Index extended its decline to close 1% lower at 33,610 on Thursday as intensifying conflict in the Middle East and persistent domestic inflation pressures drove a broad sell-off across mining and financial sectors. Gold miners faced the brunt of the market retreat with Agnico Eagle and Barrick Gold plummeting 4.7% and 2.9% respectively while metals producers like First Quantum Minerals and HudBay Minerals saw sharper double-digit percentage drops as risk appetite vanished. Financials including Brookfield, TD Bank, BMO and Scotiabank retreated between 1.2% and 1.8% as rising bond yields heightened concerns over credit costs. Energy producers provided a notable counterweight as Canadian Natural Resources and Cenovus Energy gained 2.8% and 2.3% on supply fears. Technology and defensive names offered some stability with Shopify and Constellation Software climbing 4.1% and 5.4% while Alimentacion Couche-Tard and Great West Lifeco also posted gains during the session.
2026-03-05
TSX Drops to 2-Week Low
Canada's S&P/TSX Composite Index slumped around 1% to below the 33,600 mark on Thursday, marking a two-week low as escalating geopolitical risks in the Middle East and evidence of persistent inflation dampened the outlook for rate cuts. Higher than expected wage growth and manufacturing costs drove government bond yields to track their American counterparts higher, adding pressure to the financial and mining sectors. Royal Bank of Canada and TD Bank fell while major gold miners including Agnico Eagle and Barrick Gold plunged more than 3.5% as traders repositioned away from previous safe haven gains. However energy producers remained a point of resilience with Canadian Natural Resources and Cenovus Energy gaining over 1% as global supply concerns kept crude prices near their recent peaks. Technology shares also showed strength as Shopify and Constellation Software advanced more than 2%. In other developments, Canada signed new critical minerals agreements with Australia.
2026-03-05
TSX Futures Dip as Middle East Tensions Fuel Inflation Fears
Futures tracking the S&P/TSX Composite Index were lower on Thursday as investors remained cautious amid escalating Middle East tensions, now in their sixth day. Oil prices surged on fears of supply disruption, compounded by reports that the Chinese government instructed its largest refiners to suspend diesel and gasoline exports. The jump in energy prices stoked inflation concerns, pushing Canadian bond yields higher and pressuring major due to higher credit costs. In addition, Canadian Natural Resources reported fourth-quarter profits above expectations, citing a 12.8% year-over-year rise in output to a record 1.66 million barrels of oil equivalent per day. Gold prices also rose as investors turned to safe-haven assets, lifting mining stocks. In other developments, Canada signed new critical minerals agreements with Australia.
2026-03-05