Canada: TSX Drops For 4th Consecutive Week.

The S&P/TSX Composite Index fell 1.7% to 31,317 on Friday as the Canadian benchmark tracked its fourth straight weekly loss amid escalating Middle East conflict and surging energy costs. Materials stocks were primary laggards following a drop in gold prices with Agnico Eagle, Barrick Gold, Wheaton Precious Metals and Franco-Nevada plunging between 2% and 5.6%. Financial heavyweights faced broad selling as TD Bank and Bank of Montreal dropped around 2% despite the Bank of Canada holding interest rates steady at 2.25% on March 18th. Energy producers provided a minor cushion with Suncor Energy and Cenovus Energy posting modest gains as global crude prices spiked. These developments followed a busy week where traders monitored reports of force majeure in Iraqi oilfields and potential US military deployments to the region. The index has now retreated over 7% in March as geopolitical volatility continues to pressure global equity markets.