TSX falls 0.5 percent as Middle East conflict escalates
Canada's main stock index fell 150.82 points on Wednesday as tech and mining shares declined. Energy stocks rose on supply fears as oil settled at $87.25.
The primary stock index in Canada fell on Wednesday as an escalating conflict in the Middle East dampened investor appetite for risk, with significant losses in technology and mining shares overshadowing gains in the energy sector. The S&P/TSX composite index finished the session down 150.82 points, or 0.5%, at 33,119.83. This retreat follows two consecutive days of modest growth and leaves the index near its lowest closing level in more than two weeks.
Market anxiety intensified following statements from Iran suggesting that the global community should prepare for oil prices to reach $200 per barrel as its forces targeted merchant vessels. In response to the threat of a major supply shock comparable to those seen in the 1970s, the International Energy Agency recommended a massive release of strategic reserves to stabilize the market.
