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TSX slips 0.2% on first trading day of October as banks, miners weigh
Toronto's benchmark index fell 0.2% to 35,154.76 on Thursday as banking and mining stocks dropped amid elevated global bond yields; energy shares rose on higher oil prices.
Why it matters
October opened with a split market: elevated bond yields pressured rate-sensitive banks and miners, while China's suspension of refined oil product exports lifted crude and energy stocks.
Full report
The S&P/TSX Composite Index fell 0.2% on Thursday, losing 81.11 points to close at 35,154.76. Canada's 10-year government bond yield stayed near multi-year highs as the global bond selloff continued.
Banks closed lower, with RBC down 0.7% and BMO shedding 0.6%. Miners also fell: Agnico Eagle lost 1.5%, Barrick shed 1.6% and Franco-Nevada dropped 0.9%. The Canadian dollar traded at 70.30 US cents.
Energy producers gained as oil rose more than 2% to $93.07 a barrel after China suspended oil products exports, potentially tightening fuel markets. Canadian Natural rose 1.7%, Suncor added 1.8%, Enerflex jumped 11.9% and Imperial Oil gained 1.5%. Gold rose $19.90 to $4,206.60 an ounce.
First Quantum rose 0.5% to $38.44 after a Panamanian government commission recommended opening formal negotiations with the company on a framework to reopen the shuttered Cobre Panama mine. Tech stocks tracked Wall Street strength.
On Wall Street, the Dow added 21.28 points to 50,927.33, the S&P 500 gained 15.17 to 7,666.71 and the NASDAQ rose 10.53 to 26,871.60; the 10-year Treasury yield eased to 5.29%.
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