CANADA STOCKS-TSX slips as energy and materials weigh; Middle East peace talks in focus
Updates prices and details throughout
By Tharuniyaa Lakshmi
June 24 (Reuters) - Canada's main stock index fell on Wednesday, weighed down by mining and energy shares, as investors remained cautious amid disagreements between the United States and Iran over key terms of a potential peace deal.
At 10:07 a.m. ET, the Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE was down 0.3% at 34,806.37 points.
U.S. President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into "infinity," while Tehran said it had made no such concession in negotiations, raising questions about the viability of their fragile peace deal.
The materials group .GSPTTMT, which includes metal-mining stocks, fell 2.6%, tracking a decline in gold prices pressured by a firmer U.S. dollar and growing expectations of interest rate hikes. GOL/
Lundin Mining LUN.TO, Hudbay Minerals HBM.TO and Americas Gold and Silver USA.TO were among the biggest losers on the main index, dropping between 6.1% and 6.7% each.
The energy index .SPTTEN fell 2.1%, as Brent crude prices dropped more than $3 on Wednesday to their lowest level since before the start of the Iran conflict. O/R
Only three of the TSX's 10 sectors were in the red, but declines in heavyweight energy and materials stocks dragged the index lower.
Financials .SPTTFS fell 0.3%.
"All the war premium has pretty much come out of the price of oil ... unless Canadian banks have a good day, the TSX could lag as oil and materials are down," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
On the other hand, technology stocks .SPTTTK rose 2.3%, tracking Wall Street as tech shares were mixed ahead of Micron's MU.O earnings.
