FX.co ★ TSX Closes Lower on Wednesday

The S&P/TSX Composite Index experienced a decline of 0.2%, closing at 29,757 on Wednesday, primarily due to significant downturns among precious metal mining companies and major financial institutions, as the market closely watched ongoing trade negotiations. Companies in the precious metals sector, such as Agnico Eagle, Wheaton Precious, Barrick, and Franco-Nevada, saw their shares decrease by 1.3% to 2.3%, following an earlier rise in gold prices. The financial sector also faced challenges, with Brookfield dropping by 2.2%. However, base metal mining companies recorded notable gains: Teck Resources, First Quantum, and Ivanhoe Mines increased their stock values by 3.4% to 9.4%, spurred by a surge in copper prices and optimism over reduced trade tensions which may enhance sales opportunities. Additionally, energy companies like Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus enjoyed better performance, each posting gains between 0.9% and 3.3% as oil benchmarks continued their upward trend. Meanwhile, Prime Minister Mark Carney described his conversations with Chinese Premier Li Qiang as constructive, noting mutual readiness to tackle recent trade disagreements. These discussions, alongside talks with the United States aiming to address unresolved matters, are expected to contribute to the upcoming USMCA review.