19.03.202620:03:48UTC+00TSX Tumbles on Thursday

The S&P/TSX Composite Index fell 1.4% to close at 31,855 on Thursday, pressured by a sharp pullback in precious metals and heightened broader market volatility. Materials stocks led the decline following a drop in gold prices, with Agnico Eagle Mines down 5.7%, Barrick Gold off 5.4%, and Wheaton Precious Metals losing 5.9%.

Financial heavyweights also came under pressure, as Royal Bank of Canada and Bank of Nova Scotia both slipped more than 1.2%, even after partially recovering from their intraday lows along with the broader banking sector.

Energy producers provided one of the few areas of support, with Canadian Natural Resources advancing 3% and Cenovus Energy gaining 4.2%, buoyed by persistent supply concerns linked to the conflict in the Middle East. However, these gains were not enough to offset weakness in the resource and railway segments. Canadian Pacific and Canadian National each declined more than 1.1% as investors closely watched diplomatic efforts to reopen the Strait of Hormuz.