On Friday, the S&P/TSX Composite Index experienced a decline of 0.3%, settling at 24,711 points. The decrease was primarily influenced by pressure on major mining companies within the resource-centric exchange, amid persistent uncertainties surrounding U.S.–China tariff negotiations. Stocks associated with bullion significantly contributed to the downturn: Agnico Eagle fell 0.8% following a sharp decline in gold prices, despite the company nearly doubling its first-quarter profits due to strong production and reduced costs. Meanwhile, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada saw reductions ranging from 0.6% to 1.8%. Contrastingly, technology stocks demonstrated greater resilience, with Shopify rising by 2.2%, which helped mitigate the broader market decline. On the economic front, retail sales decreased by 0.4% in February, highlighting the impact of increased borrowing costs on domestic demand. Additionally, traders faced mixed signals regarding trade tensions: initial reports suggested China might suspend its 125% tariffs on certain U.S. products, but these were swiftly refuted by Beijing, even as President Trump maintained that discussions were in progress. This left investors trading cautiously. Despite the setback on Friday, the TSX recorded a 2.1% gain over the week.
The material has been provided by InstaForex Company – www.instaforex.com
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