24.07.202520:04:13UTC+00TSX Retreats from Record High

On Thursday, the S&P/TSX Composite Index registered a 0.2% decline, closing at 27,390, pulling back from its record high. This dip was largely due to significant losses in the major mining and financial sectors, which overshadowed gains in other areas, as investors processed recent trade updates and varied corporate earnings reports. Despite Japan finalizing a deal to reduce tariffs and EU representatives indicating progress in similar negotiations with Washington, resource stocks did not respond optimistically. Notably, Teck Resources posted strong second-quarter profits, yet its shares plunged by 8.7%, while the Royal Bank of Canada saw a 1.3% decline. On the other hand, stocks in defensive and consumer sectors showed resilience, with Loblaw rising by 2.2% owing to better-than-expected grocery and pharmacy sales, and FirstService surging by 8.9% on the back of robust quarterly financials. The energy sector also experienced growth, buoyed by increased oil prices, and preliminary data from Statistics Canada suggested an approximate 1.6% increase in retail sales for June.