2026.03.1220:05:59UTC+00TSX Loses Ground Amid Risk Aversion

The S&P/TSX Composite Index fell 0.8% to close at 32,841 on Thursday, as escalating conflict in the Middle East and a sharp rise in crude oil prices triggered a broad pullback in risk assets. Growing threats to shipping in the Strait of Hormuz intensified worries over global supply chain disruptions and stubborn inflation, prompting investors to rotate out of equities. Although the energy sector benefited from higher oil prices, the overall market was dragged lower by weakness in financials and technology, with major banks and Shopify (-2.3%) coming under pronounced selling pressure. Mining stocks Agnico Eagle, Barrick, and Wheaton Precious declined between 1.6% and 1.8%, as bullion prices were weighed down by a stronger US dollar and rising US Treasury yields. Market participants remained focused on the evolving situation in the region and its implications for future monetary policy decisions.