The S&P/TSX Composite Index closed at 36,136 as investors weighed reported Iranian shipping restrictions, higher fuel-driven bond yields and a mixed batch of corporate earnings.
The S&P/TSX Composite Index fell 0.1% to 36,136 on Thursday, retreating from a record high as investors assessed uncertain prospects for a US-Iran peace deal, reported plans by Iran to restrict passage for US and Israeli vessels through the Strait of Hormuz, and another round of corporate earnings. Higher wholesale fuel prices pushed bond yields up, adding pressure to parts of the market, while financial stocks were mixed with Brookfield down 1.1% and Scotiabank off 0.2%, while RBC and TD Bank edged higher. Celestica slumped 13% after pricing a common share offering at a significant discount to the previous session's close, and Lundin Mining fell nearly 3% despite reporting higher second-quarter revenue. Canadian Natural rose 1.6% after beating second-quarter profit estimates, while Shopify gained 2.2% after at least six brokerages raised their price targets. WPM climbed 1.9% and Sun Life Financial added 0.8% ahead of earnings due after the close.