TSX drops 0.9% as materials and energy stocks tumble

Price ActionCommodity

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Canada's benchmark S&P/TSX Composite Index fell 337.63 points, or about 0.9%, to 34,589.75 on Wednesday afternoon, dragged down by sharp losses in materials and energy stocks. The Materials Capped Index sank more than 4% as gold futures shed 3.6% and silver futures dropped over 7%, with Novagold Resources plunging 13.3% and Hudbay Minerals, Seabridge Gold, and others falling between 5% and 9%. The Energy Capped Index declined about 3.5% after oil prices dropped 4%, sending Strathcona Resources down 6.5% and Athabasca Oil Corp., Baytex Energy, and other energy names sharply lower. Offsetting the declines, technology, consumer, and healthcare stocks posted gains, with Boyd Services, Waste Connections, and Shopify rising between 3% and 5.4%. Statistics Canada reported that manufacturing sales fell 1.1% in May after a 4.2% increase in April.