05.02.202614:46:26UTC+00TSX Pares Weakly Gains on Thursday

The S&P/TSX Composite Index experienced a decline of approximately 0.8%, dropping below the 32,300 mark, largely due to underperformance in the technology and precious metals sectors, along with a downturn in banking stocks. Shopify saw a decrease of about 2.5%, continuing its trend of losses alongside other growth and software companies. Conversely, Constellation Software managed to rise by around 2.5% post-earnings, though it couldn’t counteract the overall weakness in the tech sector. A notable drop in gold prices significantly impacted mining companies, with Barrick Gold decreasing by over 3.5%, Agnico Eagle down nearly 3%, and Wheaton Precious Metals declining around 2%, as the downturn in bullion prices dimmed revenue projections. The financial sector also pulled back with key players such as Royal Bank, TD Bank, Bank of Montreal, and CIBC all recording significant losses. Energy stocks presented a mixed performance as lower crude oil prices affected producers like Imperial Oil and Cenovus, yet pipeline operators such as Enbridge and TC Energy managed to achieve slight gains.