The S&P/TSX Composite Index fell more than 0.5% on Wednesday, slipping below 34,500 amid expectations of prolonged restrictive monetary policy and elevated energy prices. The recent setback in US–Iran peace talks weakened hopes for a reopening of the Strait of Hormuz, further supporting oil markets.
Persistent worries about stagflationary pressures and rising bond yields continued to weigh on financials and the broader equity market, with BMO and Royal Bank of Canada each losing about 0.5%.
Gold prices extended their decline after stronger‑than‑expected US producer price data bolstered expectations of tighter Federal Reserve policy, putting additional pressure on mining stocks. Shares of Agnico Eagle and Barrick fell nearly 2%.
Elsewhere, Equinox Gold dropped around 5% after announcing plans to acquire Orla Mining, whose shares slipped about 2%. The transaction would create a North America–focused gold producer with an implied market value of approximately $18.5 billion. By contrast, Boyd Group gained nearly 1% after reporting a 28% increase in first‑quarter sales, although the results came in slightly below analysts’ forecasts.
