Canada’s S&P/TSX Composite Index edged lower on Friday, lagging US benchmarks as weakness in energy producers and financials weighed on the market amid a fresh round of corporate earnings. Crude oil prices retreated for a second consecutive session despite the ongoing standoff between Iran and the US, which has continued to disrupt tanker and vessel traffic in the region. Shares of Canadian Natural and Suncor each slipped about 1%.
Major banks also declined after yesterday’s domestic GDP data pointed to softer spending demand, with TD and RBC both trading in negative territory. Fairfax Financial tumbled 5% after missing earnings expectations, while Magna also fell 5% on weaker-than-anticipated orders. TC Energy and Agnico Eagle Mines each lost more than 1% following the release of their quarterly results. Lastly, Air Canada dropped 1.5% after withdrawing its full-year guidance.
