07.08.202520:06:20UTC+00TSX Gives Up Record High

The S&P/TSX Composite Index declined by 0.6% to settle at 27,761 on Thursday, pulling back from its record high. This drop was primarily due to losses in the consumer discretionary sector, which eclipsed the gains seen in gold mining stocks. The market reflected a mixed round of corporate earnings and assessed the effects of recent US tariff implementations. Notably, Manulife's shares decreased by 3.9% following an underwhelming second-quarter report. Similarly, Brookfield saw a decline of 3.8%, and Nutrien fell by 4% due to its lackluster performance for the same period. Furthermore, Shopify retreated 2.5% due to profit-taking activity after experiencing a significant 21.5% surge the previous day. Conversely, Barrick Mining gained 1.6% bolstered by stronger bullion prices. In economic news, Canada's Ivey Purchasing Managers Index (PMI) exceeded expectations, rising to 55.8 in July. This marks the fastest expansion rate in a year and surpasses the forecast of 55.2, indicating robust activity in the private sector despite challenges from tariffs.