The S&P/TSX Composite Index slipped toward 35,500 on Thursday, pressured by weakness in the banking and technology sectors. Major banks declined amid volatile oil prices, as persistent concerns over energy-driven inflation continued to weigh on credit-sensitive stocks. TD Bank, National Bank, and BMO each lost around 0.5%.
In technology, Celestica extended its downturn, dropping more than 7% as the selloff in U.S. chipmakers persisted, while Shopify fell nearly 1.5%. Energy producers also pulled back as oil prices fluctuated, with Cenovus sliding 1% and other major energy names edging lower. Energy infrastructure stocks softened as well, with Enbridge losing more than 1%.
In contrast, firmer gold and silver prices lent support to mining shares. Agnico Eagle rose more than 1%, and Barrick advanced nearly 1%. On the data front, Canadian manufacturing sales increased 1.5% month-over-month in August, beating expectations for a 1.1% gain, driven by strength in primary metals and chemicals.
