23.09.202613:58:20UTC+00TSX Slips as Mining Stocks Retreat

The S&P/TSX Composite Index slipped nearly 1%, hovering just below the 36,000 level, as weaker metal prices weighed on mining stocks while rising oil prices reignited concerns about energy-driven inflation. Gold and silver declined following hawkish remarks from US Federal Reserve officials, and copper prices also moved lower. Agnico Eagle dropped nearly 4%, while Barrick and WPM each fell about 3%. Franco-Nevada lost 2.5%. Adding to the sector’s weakness, CIBC downgraded Endeavour Silver, which tumbled 8%, to “neutral” from “outperformer.”

At the same time, oil prices advanced amid uncertainty surrounding diplomatic efforts to end the US-Iran conflict and reopen the Strait of Hormuz. Bond yields rose as inflation worries linked to higher energy prices persisted, even though the recent oil rally has moderated. The move in yields pressured interest-rate- and credit-sensitive sectors, with major bank stocks underperforming: RBC, BMO, and National Bank each declined by about 0.5%.