The Canadian stock market fell sharply on Tuesday, erasing all its gains from the previous session as metal prices pulled back sharply and investors reacted to hotter-than-expected consumer inflation data. The S&P/TSX Composite Index closed down 528 points, or 1.7%, to finish at 29,889 — marking its steepest single-day decline in over six months.
While all key market sectors fell sharply, the TSX selloff was mainly led by heavy declines in mining, healthcare, and tech stocks.
According to Statistics Canada’s latest report, Canada’s consumer price index climbed 2.4% in September, reflecting a significant increase compared with a 1.9% rise in the previous month. The uptick in inflation was mainly driven by higher grocery prices, reigniting concerns about the Bank of Canada’s interest rate outlook.
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As precious metals prices fell sharply, mining stocks like Aya Gold & Silver, Lundin…
