30.09.202620:42:30UTC+00TSX Drops as Banking and Mining Stocks Weigh

The S&P/TSX Composite Index slipped 0.6% on Wednesday to finish at 35,236, as weakness in banking and mining outweighed strength in energy stocks. Crude prices rebounded on uncertainty surrounding US–Iran negotiations, lifting energy producers but putting pressure on rate-sensitive sectors amid ongoing worries about inflation driven by higher energy costs.

Most major banks finished lower, with Royal Bank of Canada down 1.1% and Toronto-Dominion Bank off 0.9%. In contrast, energy names advanced: Imperial Oil added 1.1%, and Suncor jumped 10.7%.

Gold prices gave back earlier gains, dragging on the mining group. Barrick Gold slipped 1%, Agnico Eagle lost 1.3%, and Franco-Nevada fell 3.8%. First Quantum Minerals tumbled 15.3% after a Panamanian commission recommended the orderly closure of its Cobre Panama mine.

For the month, the S&P/TSX Composite Index declined 2.1%.