18.08.202620:28:08UTC+00TSX Drops on Banking and Mining Losses

The S&P/TSX Composite Index fell 0.8% on Tuesday to close at 36,368, pressured by declines in mining and financial stocks amid elevated global bond yields and ongoing uncertainty related to the Middle East conflict. Bond yields around the world hovered near multi-decade highs as fading prospects for a peace agreement between the US and Iran, combined with rising energy prices, reignited inflation concerns.

Major banks ended the session lower, with RBC down 1.3%, TD Bank off 1.7%, BMO declining 1.2%, CIBC losing 1.3%, and Scotiabank retreating 1.1%. Mining shares also weakened as gold prices slipped, dragging Agnico Eagle down 0.8%, Barrick off 0.9%, and WPM lower by 2.8%.

Most technology names sold off, tracking a broader decline in US semiconductor stocks. Shopify slid 1.2%, while Celestica tumbled 8.4%.

By contrast, energy stocks advanced alongside higher crude prices, with Canadian Natural gaining 0.9% and Suncor adding 1.7%. Separately, NexGen Energy fell 4.4% as CEO Leigh Curyer said the company is in talks with BHP about a potential equity stake in its Rook I mining project in Saskatchewan.