Canadian stocks plummeted a second straight day to end at a near seven-week low Wednesday, driven mostly by energy, mining and financial stocks, while tracking declining global equity markets. Investor concerns over the future of the U.S. Fed's monetary easing program continued to weigh on market sentiments.
The S&P/TSX Composite Index closed Wednesday at 12,109.89, down 113.68 points or 0.93 percent. The index touched an intraday high of 12,245.19 and a low of 12,092.53. The Index shed over 150 points or 1 percent in the previous session and is down for an eighth time in the last nine sessions.
In corporate news, dollar store operator Dollarama Inc. (DOL.TO) plunged 3.38 percent after posting earnings that came in short of expectations at C$45.6 million or C$0.62 per share in the first quarter.
The Global Gold Index gained 1.05 percent, with gold futures for August delivery gaining $15.00 or 1.1 percent to close at $1,392.00 an ounce Wednesday on the Nymex.
The Capped Materials Index edged up 0.08 percent, with Potash Corporation of Saskatchewan Inc.(POT.TO) down 0.67 percent.
Among gold stocks, Yamana Gold Inc. (YRI.TO) jumped 3.06 percent, while Goldcorp Inc. (G.TO) gained 1.34 percent. IAMGOLD Corp. (IMG.TO) added 2.28 percent, while Barrick Gold Corp. (ABX.TO) moved up 1.00 percent. Kinross Gold Corp. (K.TO) shed 0.50 percent, after having gained over 6 percent yesterday.
The Diversified Metals & Mining Index declined 1.52 percent, with First Quantum Minerals Ltd. (FM.TO) down 1.73 percent, Osisko Mining Corp. (OSK.TO) moved up 0.46 percent, and Lundin Mining Corp. (LUN.TO) slipped 1.24 percent. Teck Resources Limited (TCK_B.TO) lost 2.83 percent.
Latest data from the Energy Information Administration showed U.S. crude oil inventories to have jumped 2.5 million barrels to 393.80 million barrels and gasoline stocks were up 2.70 million barrels in the week ended June 7. Analysts expected no change to crude oil inventories, while gasoline stocks were expected to rise by 1 million. This compares with the week before, when crude oil inventories plummeted 6.30 million barrels to 391.30 million barrels.
The Energy Index shed 1.34 percent, with U.S. crude oil futures for July delivery gaining $0.50 or 0.5 percent to close at $95.88 a barrel Wednesday on the Nymex.
Among energy stocks, Suncor Energy Inc. (SU.TO) edged down 0.55 percent, while Canadian Natural Resources Limited (CNQ.TO) dropped 1.79 percent. Enbridge Inc. (ENB.TO) lost 0.70 percent, while Talisman Energy Inc. (TLM.TO) gave up 1.19 percent. Encana Corp. (ECA.TO) declined 2.91 percent.
The Financial Index lost 0.92 percent with Manulife Financial Corp. (MFC.TO) down 2.17 percent, National Bank of Canada (NA.TO) slipped 0.97 percent, Bank of Nova Scotia (BNS.TO) shed 0.69 percent, and Bank of Montreal (BMO.TO) dropped 0.65 percent. Royal Bank of Canada (RY.TO) gave up 0.66 percent, while The Toronto-Dominion Bank (TD) lost 1.04 percent.
The Information Technology Index lost 0.56 percent, with BlackBerry (BB.TO) down 0.43 percent.
The Capped Industrials Index slipped 0.71 percent, with Bombardier Inc. (BBD.A.TO, BBD.B.TO) down 2.10 percent. Air Canada (AC.B.TO) gained 2.55 percent.
E-commerce solutions provider Mediagrif Interactive Technologies (MDF.TO) gained 2.35 percent after reporting improved net income for the fourth quarter of C$3.4 million or C$0.22 per share compared to C$2.6 million or C$0.19 per share for the year-ago quarter. Analysts expected the company to earn C$0.24 per share for the quarter.
In economic news, eurozone industrial production grew 0.4 percent in April from a month ago, largely due to higher output of capital goods and non-durable consumer goods, data from Eurostat revealed. Industrial output was forecast to remain flat after rising 0.9 percent in March.
Germany's EU harmonized inflation accelerated in May, but to a lesser extent than initially estimated, final data released by the Federal Statistical Office showed. Inflation as per the harmonized index of consumer prices (HICP) rose to 1.6 percent in May from 1.1 percent in April. The flash estimates were for an inflation rate of 1.7 percent.
The number of people claiming unemployment benefits in the U.K. decreased by 8,600 in May from April, the Office for National Statistics reported. The decline was sharper than the expected drop of 5,000.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.