TSX edges lower as miners weigh; investors assess US inflation data
EWC•Canada’s S&P/TSX Composite fell 0.3% to 35,377.84 points as losses in mining and other sectors outweighed energy gains. First Quantum Minerals slumped 31% after Panama’s government recommended an orderly closure of its Cobre Panama mine.
1. Mining shares weigh
Seven of the TSX’s 10 main sectors were lower. Mining shares fell 1.3% as gold and silver prices declined, while health care dropped more than 2%; Curaleaf Holdings fell over 8%. Energy led gains, rising 0.8%.
2. First Quantum drops
First Quantum Minerals slumped 31% after Panama’s government recommended an orderly closure of the company’s Cobre Panama mine.
3. Monthly and quarterly trends
The Canadian benchmark was set to end a five-month winning streak after a turbulent September, but remained on track for a ninth straight quarterly gain, its longest such streak on record. Investors also assessed softer-than-expected U.S. inflation data; U.S. stock indexes moved higher as the data reduced expectations of another Federal Reserve rate hike next month.
