TSX Closes Flat as Mining Losses Offset Bank Gains

The S&P/TSX Composite Index closed nearly flat at 36,249 on Thursday, as losses in the mining and technology sectors offset gains among major banks. Agnico Eagle fell 4.1%, while Wheaton Precious Metals shed 2.7% and Barrick lost 2.6%. Several miners reported third-quarter results after Wednesday’s close. Kinross and First Quantum beat profit expectations but fell 6.3% and 4%, respectively, while Alamos missed estimates and sank 9.1%. Meanwhile, banks advanced as falling oil prices eased inflation concerns and the risk of interest rates staying higher for longer. RBC gained 0.6%, TD Bank rose 0.7%, BMO added 1.2%, Scotiabank advanced 0.9%, and CIBC climbed 1%. Technology stocks came under pressure from Wall Street’s sell-off following Alphabet’s disappointing earnings, with Celestica losing 5.8% and Shopify shedding 0.7%.

The S&P/TSX Composite Index slipped below 36,500 on Thursday, weighed down by losses in the mining sector as falling gold prices pressured major producers. Agnico Eagle fell nearly 4%, while Wheaton Precious Metals shed almost 3% and Barrick lost 2%. Several miners reported third-quarter results after Wednesday’s close. Kinross and First Quantum both beat profit expectations despite falling 6% each, while Alamos missed estimates and dropped 8%. In technology, mixed results from major US companies weighed, with Celestica losing more than 4.5% and Shopify shedding 2%. Meanwhile, banks advanced as falling oil prices eased inflation concerns and expectations of interest rates staying higher for longer. RBC, TD Bank, and BMO each gained more than 0.5%, while Scotiabank and CIBC rose nearly 1%.

Futures tracking Canadian stocks edged higher on Thursday as falling oil prices eased pressure on credit-sensitive stocks. Energy-driven inflation concerns have weighed on major banks since the start of the US-Iran war by raising the risk of interest rates staying higher for longer. Oil prices declined as hopes for peace talks eased concerns over Middle East supply disruptions, offering some relief to the credit-sensitive  sectors. Meanwhile, falling gold prices are likely to weigh on miners. Several mining companies reported third-quarter results after Wednesday’s close. Agnico Eagle, Kinross, and First Quantum beat profit expectations, while Alamos missed estimates. In technology, mixed results from major US companies will influence trading, with Microsoft reporting strong results while Alphabet delivered a weaker performance. On Friday, Cameco and Imperial Oil are due to report earnings.