The S&P/TSX Composite Index slipped nearly 0.5% on Friday, dropping below the 36,000 mark, as rising oil prices weighed on sentiment. Supply concerns persisted despite reports that Saudi Arabia is offering additional crude via Oman. In the US, President Trump signaled that Washington could resume attacks on Iran after recent diplomatic efforts among Tehran, the US, and GCC states failed to restore maritime oil exports.
In Canada, bond yields inched higher on ongoing worries over energy-driven inflation, putting pressure on rate-sensitive sectors. Financials traded lower, with RBC and Manulife down about 0.5% and Great-West Lifeco off 1%.
Mining stocks also retreated, giving back some of Thursday’s strong gains even as gold prices rose modestly. Agnico Eagle and Barrick fell around 1% each, while Franco-Nevada and Wheaton Precious Metals (WPM) declined more than 0.5%.
By contrast, technology shares were mostly firmer. Celestica advanced more than 2%, and Shopify edged higher, supported by strength in US semiconductor names on Wall Street.
