TSX Declines as Middle East Conflict Hurts Risk Appetite
The S&P/TSX Composite Index dropped 0.3% on Monday as escalating Middle East tensions pressured financial and mining sectors. While energy stocks rose on higher oil prices, materials fell 3.4% and CIBC shares declined following a broker downgrade.
The S&P/TSX Composite Index in Canada fell 0.3% to 34,668.78 points during the morning session on June 1. The decline follows a record high reached last week, as losses in mining and financial sectors offset gains in energy and technology. Investors are recalibrating risk exposure as escalating conflict in the Middle East disrupts global commodity markets.
### Middle East Conflict Pressures Materials and Financials The materials sector dropped 3.4% after gold prices fell more than 1%. Mining firms led the retreat, with IAMGOLD CORP and EQUINOX GOLD CORP recording the steepest losses. Financial stocks also weighed on the index, shedding 0.3% as market sentiment cooled.
