TSX Hits Two-Week Low Amid Decline in Metal Mining Shares
TSX Ends Down 1% Amid Global Market Volatility
The S&P/TSX Composite Index fell to a two-week low on March 5, closing at 33,609.97, a decline of 332.89 points or 1%. This marks the lowest closing level since February 19.
The materials group, which includes metal mining shares, dropped 3.9% due to the rising U.S. Treasury yields and a firmer U.S. dollar, weighing on the price of gold. The sector, accounting for 20% of the TSX's weighting, has advanced 18.4% since the start of the year.
Canadian Natural Resources posted a better-than-expected profit in the fourth quarter, contributing to a 2.9% rise in its shares. The energy sector added 0.9%, with the price of oil settling 8.5% higher at $81.01 a barrel.
The financials sector lost 1%, while industrials ended 0.7% lower. The technology sector was up 2.9%, with Kinaxis Inc gaining 3.5% after beating quarterly revenue estimates.
Investor Takeaway
Investors should be cautious of the impact of global events on the TSX and consider diversifying their portfolios.
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