31.07.202520:13:00UTC+00TSX Eases Further from Record High

The S&P/TSX Composite Index fell by 0.4%, closing at 27,260 on Thursday, continuing its retreat from recent record highs. This decline was fueled by mixed earnings reports, falling commodity prices, and investor caution prior to the US tariff deadline on Friday, which affected major sectors. The energy sector suffered the most, with Tourmaline Oil plummeting by 6.3% following disappointing quarterly results, compounding the impact of weaker crude oil prices. Other significant drops included Canadian Natural, Suncor, and Imperial Oil, which decreased between 0.5% and 1%. Additionally, notable uranium producer Cameco fell by 3.3% after underperforming in its quarterly results. Conversely, Agnico Eagle saw a positive uptick, rising by 0.8% after a strong Q2 performance. The company posted an adjusted EPS of $1.94, surpassing the consensus estimate of $1.75, and a substantial 35.6% increase in revenue to $2.82 billion. On the economic front, a preliminary indication of 0.1% GDP growth for June helped counterbalance two months of contraction, thereby supporting the Bank of Canada's decision to maintain its policy rate at 2.75%.