2026.03.0521:09:35UTC+00TSX Drops 1%

The S&P/TSX Composite Index extended its slide on Thursday, closing 1% lower at 33,610, as escalating tensions in the Middle East and stubborn domestic inflation fueled a broad-based sell-off, particularly in mining and financial stocks. Gold producers bore the heaviest losses, with Agnico Eagle down 4.7% and Barrick Gold off 2.9%, while base metal miners such as First Quantum Minerals and Hudbay Minerals suffered steeper, double-digit declines amid a sharp pullback in risk appetite. Financials also weakened, as rising bond yields stoked concerns over higher credit costs: Brookfield, TD Bank, BMO, and Scotiabank fell between 1.2% and 1.8%. In contrast, energy stocks helped cushion the downturn, with Canadian Natural Resources and Cenovus Energy advancing 2.8% and 2.3% respectively on mounting supply worries. Technology and defensives added further support, as Shopify and Constellation Software rose 4.1% and 5.4%, while Alimentation Couche-Tard and Great-West Lifeco also finished the session in positive territory.