TSX consolidates its record-setting run as metal mining shares fall
The S&P/TSX composite index (.GSPTSE), opens new tab ended down 44.15 points, or 0.2%, at 27,372.26, after posting a record closing high on Wednesday.
"The TSX wants to go higher, it's just consolidating today on low volume," said Brandon Michael, senior investment analyst at ABC Funds.
"While concerns surrounding tariffs, interest rates, and recession linger, the stock market and economy continue to show resilience, drawing strength from corporate earnings which continue to beat."
Canadian retail sales shrank by 1.1% in May from April as consumers curtailed car purchases and spent less at supermarkets, convenience stores and on alcohol but a preliminary estimate for June pointed to a rebound of 1.6%.
The materials group, which includes metal mining shares, fell 1.3% as the price of gold fell for a second straight session, with signs of easing global trade tensions dampening demand for safe-haven assets.
Orla Mining (OLA.TO), opens new tab shares tumbled 14.4%, while shares of Teck Resources (TECKb.TO), opens new tab were down 8.7% as the company cut its full-year copper production guidance.
First Quantum Minerals (FM.TO), opens new tab is exploring a gold pre-payment deal from its Zambian mines to boost its balance sheet as the company looks at new options to raise funds beyond a stake sale. Shares of First Quantum ended down 1.6%.
Five of the 10 major sectors posted gains, including energy which added 1% as the price of oil settled 1.2% higher at $66.03 a barrel.
The consumer staples sector was up 0.5%, led by a gain of 2.2% for the shares of Loblaw Companies (L.TO), opens new tab after the grocery and medicine retailer's second-quarter results beat estimates. Property services firm FirstService (FSV.TO), opens new tab also posted second-quarter results above expectations. Its shares jumped 8.9%.
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