24.06.202614:02:21UTC+00TSX Slips on High Borrowing Costs and Commodity Weakness

The S&P/TSX Composite Index fell more than 0.5% on Wednesday, slipping below the 35,000 mark as persistently high borrowing costs and weakness in commodity-linked sectors weighed on the market. Gold prices declined as the US dollar strengthened on growing expectations of further US interest rate hikes, putting pressure on mining shares. Agnico Eagle and Wheaton Precious Metals (WPM) each lost nearly 3%, while Barrick dropped more than 4%.

Oil prices extended their declines for the week amid signs that more tankers are set to transit the Strait of Hormuz, easing concerns over energy-driven inflation but dragging down energy stocks. Canadian Natural Resources and Imperial Oil each fell more than 2%, Suncor retreated 2.5%, and Cenovus slid about 3%.

Major banks were little changed, with RBC, BMO, and TD Bank edging slightly lower. In contrast, Canadian technology stocks rebounded from the previous session’s global selloff: Shopify advanced nearly 3%, while Celestica and Constellation Software each gained around 1%.