The S&P/TSX Composite Index slipped below 35,500 on Friday, pressured by weakness in mining shares as gold prices declined amid a sharp rebound in long-term U.S. Treasury yields. Agnico Eagle fell more than 3%, while Barrick Gold and Wheaton Precious Metals each lost over 2%.
Technology names also softened, with Shopify and Constellation Software both down about 0.5%. Elsewhere, Fairfax Financial (-2%) and Cameco (-0.1%) reported revenue that topped expectations but missed consensus earnings-per-share forecasts.
Enbridge eased more than 0.5% even after beating estimates for second-quarter adjusted profit, and Imperial Oil dropped 2% despite posting stronger-than-expected quarterly earnings.
Offsetting some of the weakness, financials advanced, with Royal Bank of Canada, TD Bank, and Bank of Montreal each gaining around 0.5%.
On the macro front, a preliminary estimate indicated that the Canadian economy grew 0.8% in the second quarter — the strongest pace in nearly two years — suggesting continued resilience in the face of inflationary pressures.
