Canada’s main stock index tumbled to its lowest point in over a month on Tuesday, dragged down by materials shares, with Barrick Gold tumbling after missing analysts’ expectations with its first-quarter gold production. The S&P 500 also closed lower.
The overall sentiment was cautious due to heightened tensions in the Middle East and investors were also nervous ahead of the Canadian federal budget, which raised capital gains tax on high-net-worth individuals. The budget was unveiled after the close of trade on Tuesday.
The Toronto Stock Exchange’s S&P/TSX composite index fell 97.3 points, or 0.45%, at 21,642.87.
The materials sector fell 0.5%. Barrick Gold and First Majestic Silver reported a fall in first-quarter precious metals production that dragged down their shares. First Silver dived 9% while Barrick fell 5%.
On the data front, Canada’s annual inflation rate ticked up to 2.9% in March, while core inflation measures eased…
