TSX Slips as Yields Rise

The S&P/TSX Composite Index fell 0.2% to close at 35,807 on Friday as Canadian bond yields edged higher amid persistent energy-driven inflation concerns, raising borrowing costs worries and pressuring equities. Financials closed mixed, with Fairfax Financial losing 2.6% and RBC edging 0.2% lower, while TD Bank rose 0.6%. Miners posted losses after closing sharply higher on Thursday, despite higher gold prices. Agnico Eagle lost 1.1%, Barrick shed 1.5%, and WPM fell 1%. Technology stocks were mixed, with Shopify down 0.4% amid weakness in US hyperscalers, while Celestica rose 0.7% and Constellation Software added 0.5% amid strength in Wall Street chipmakers. The S&P/TSX Composite Index gained 0.4% on the week.

The S&P/TSX Composite Index fell nearly 0.5% to trade below 36,000 on Friday as oil prices moved higher, with supply concerns persisting despite reports that Saudi Arabia was offering additional crude supplies through Oman. US President Trump noted the possibility that the US could re-escalate attacks against Iran after recent attempts at dialogue between Tehran, Washington, and GCC states failed to restore maritime oil exports. Canadian bond yields edged higher amid persistent energy-driven inflation concerns, pressuring credit-sensitive stocks. RBC and Manulife fell about 0.5%, while Great-West Lifeco shed 1%. Miners posted losses after closing sharply higher on Thursday, despite gold prices edging higher. Agnico Eagle and Barrick lost about 1% each, while Franco-Nevada and WPM fell more than 0.5%. In contrast, technology stocks were mostly higher, with Celestica up more than 2% and Shopify inching higher amid strength in Wall Street chipmakers.

Futures tracking the TSX edged lower on Friday as oil prices inched higher, with supply concerns persisting despite reports that Saudi Arabia was offering additional crude supplies through Oman. US President Trump noted the possibility that the US could re-escalate attacks against Iran after recent attempts at dialogue between Tehran, Washington, and GCC states failed to restore maritime oil exports. Canadian bond yields edged higher amid persistent energy-driven inflation concerns, pressuring credit-sensitive stocks. Meanwhile, gold prices remained firm, lending support to mining shares. The S&P/TSX Composite Index is heading for a weekly decline as the oil rally lost momentum this week and markets had already priced in the US Fed’s 25 bps rate hike.