20.08.202620:28:58UTC+00TSX Edges Lower on Banking Losses

The S&P/TSX Composite Index slipped 0.1% to close at 36,365 on Thursday, as a jump in oil prices stoked fresh inflation fears. Crude rose after US President Donald Trump unveiled a sweeping package of economic measures against Iran. Higher bond yields, driven by renewed concerns over inflation, weighed on financials and the broader market. Among the major banks, RBC declined 1.2%, TD Bank 1.4%, BMO 1.6%, CIBC 1.9% and Scotiabank 1.5%. Retailers also moved lower after Walmart tumbled more than 9% on Wall Street following weaker-than-expected second-quarter results. ATD dropped 2.2%, Loblaw 1.3% and Dollarama 1.4%. In contrast, miners extended the prior session’s rally as gold prices hovered near a more than two-month high. Agnico Eagle and WPM each rose 1.8%, Barrick gained 2.4% and Franco-Nevada advanced 2.8%. Energy stocks benefited from the rise in crude, with Canadian Natural up 2.9%.