The Toronto Stock Exchange closed lower on Wednesday closing lower on weak mining and tech issues as investors appear wary about investing amid continuing concerns around a global tariffs war and the impact that would have on most economies.
The S&P/TSX Composite Index closed down 22.68 points to 25,626.16. The biggest declining sectors were Base Metals, down 2.1%, and Technology, 0.91%). Energy, up 0.86%, was the biggest gainer.
Losses on Wednesday may have been capped as some lingering concerns that the interest rate differential between Canada and the United States might widen over the coming months should ease after the Federal Reserve released minutes from the January 28-29 meeting of its policy committee confirming the FOMC is not in a hurry to reduce interest rates further.
Among individual stocks, Barrick Gold (ABX.TO, GOLD) closed up $0.66 to $26.72 after Reuters on Wednesday reported the company signed an agreement with Mali's government to end a dispute over its mining assets in the country. The Canadian company signed the agreement and is waiting for Mali to approve the deal, and an official announcement could come as early as Thursday, Reuters said, citing people familiar with the matter.
The report noted Barrick suspended operations at the Loulo-Gounkoto mining complex in January after Mali's government started removing gold from the mine and blocking shipments out of the country. Mali's government had accused Chief Executive Officer Mark Bristow of money laundering.
Of commodities, West Texas Intermediate crude oil closed higher on Wednesday, climbing for a second day on supply cuts despite new tariff threats from U.S. President Donald Trump. WTI crude oil for March delivery closed up $0.40 to settle at US$72.25 per barrel, while April Brent crude was last seen up $0.26 to US$76.10.
Gold traded at a record high late afternoon on Wednesday as safe-haven buying amid U.S tariff threats continues to support the metal. Gold for April delivery was last seen up US$2.00 to US$2,951.00 per ounce, rising off Tuesday's record close.
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