13.01.202621:01:32UTC+00TSX Edges Below Record High

On Tuesday, the S&P TSX Composite Index saw a slight decline, closing at 32,870. This was the result of notable gains in commodity stocks being tempered by an overall cautious sentiment in the market after the release of US inflation data. Leading mining companies like Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada experienced increases in their stock values ranging from 1.3% to 3%. These gains were propelled by gold prices achieving new record highs, fueled by inflation statistics that alleviated concerns about emerging price pressures. The energy sector also saw significant advancements, with companies such as Canadian Natural, Suncor, Imperial Oil, and Cenovus experiencing jumps of between 2.6% and 5.9%. These increases were driven by a strong performance in crude oil markets amid ongoing fears that geopolitical tensions in Iran might impact supply chains from the area. Balancing out these positive movements, declines in key financial and technology stocks exerted downward pressure on the index. Heavyweights such as Brookfield and Constellation Software fell by 3.6% and 3.5%, respectively, contributing to the benchmark's slight dip into negative territory.