FX.co ★ TSX Falls on Losses in Banking and Mining

The S&P/TSX Composite Index slipped 0.2% to finish at 35,155 on Thursday, dragged down by weakness in mining and banking shares amid persistently elevated global bond yields. Canada’s 10-year government bond yield hovered near multi-year highs, even after easing from recent peaks.

Financials weighed on the benchmark, with major banks closing lower: Royal Bank of Canada declined 0.7% and Bank of Montreal lost 0.6%. The mining sector also retreated despite firmer gold prices, as higher U.S. Treasury yields and a stronger U.S. dollar pressured the outlook for the group. Agnico Eagle slipped 1.5%, Barrick Gold fell 1.6%, and Franco-Nevada dropped 0.9%.

First Quantum Minerals was a notable outlier, rebounding 0.5% after tumbling 15.3% in the previous session. The recovery followed a recommendation by a Panamanian government commission to pursue formal negotiations on a new framework for the Cobre Panamá mine, after authorities had earlier called for the mine’s orderly closure.

In contrast, energy producers advanced as the recent oil price rally gathered momentum. Canadian Natural Resources climbed 1.7%, while Suncor Energy added 1.8%. Technology stocks also finished higher, mirroring gains in the U.S. tech sector on Wall Street.