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TSX drops as gold falls, but extends monthly gain streak

The S&P/TSX Composite fell 0.8% on Friday while still rising 1.1% in July, with materials down 3% and energy up 0.6% for the month.

Reported · Written up by our desk · North America

Canada’s main stock index ended lower on Friday, pulled down by a decline in gold that weighed on metal mining shares, though the Toronto Stock Exchange still posted its fourth consecutive monthly gain. The S&P/TSX Composite finished down 279.7 points, or 0.8%, at 35,226.1.

For July, the index rose 1.1%, led by energy shares. The materials group, which includes metal mining, fell 3%, while gold was down 1.3% as the U.S. dollar rebounded from a more than one-month low.

Technology also dragged, dropping 2.6%. Telus shares fell 11.3% after the company reported a second-quarter loss and reset its quarterly dividend, cutting the annualized payout by 55% to focus on debt reduction.

In company and macro news, U.S. crude oil futures settled 1.3% higher at $84.67 a barrel amid reports that some tankers were forced to turn around in the Strait of Hormuz, prompting traders to reassess shipping flows. Alimentation Couche-Tard said it plans to buy Poland’s Zabka for about $8.7 billion, while preliminary data suggested Canada’s economy grew at a 3.4% annualized rate in the second quarter, stronger than the Bank of Canada forecast, according to LiveMint Markets.

Latest closeGold $4,166.30 ▲3.3%|WTI crude $84.21 ▼0.3%

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