TSX Futures Edge Higher on Commodity Producers

The S&P/TSX Composite Index fell more than 0.5% to trade below 35,000 on Wednesday, pulling back from the record high reached in the previous session as a fresh exchange of strikes between the US and Iran dampened hopes for a peace deal. Oil prices rose amid renewed doubts over an agreement that could reopen the Strait of Hormuz, reviving concerns about energy-driven inflation and higher borrowing costs. Financial stocks traded lower, with BMO down nearly 0.5%. Mining shares also weighed on the index as gold prices declined, with Agnico Eagle losing more than 2%, Barrick falling over 1%, and WPM down more than 1.5%. Shopify shed nearly 3% despite announcing a new $3 billion share buyback program. Meanwhile, Canada's minister responsible for Canada-US trade, Dominic LeBlanc, described ongoing discussions on the review of the countries' free trade agreement as constructive, though few details were provided.

Futures tracking the S&P/TSX Composite Index edged lower on Wednesday after the benchmark reached a record high in the previous session, as a fresh exchange of strikes between the US and Iran dampened hopes for a peace deal. Oil prices rose amid renewed doubts over the prospects of an agreement that could reopen the Strait of Hormuz, reviving concerns about energy-driven inflation and higher borrowing costs. Meanwhile, gold prices declined, pressuring mining stocks. In corporate news, Shopify announced that its board had approved an additional $3 billion share repurchase program. On the trade front, Canada's minister responsible for Canada-US trade, Dominic LeBlanc, said talks with US officials on the review of the countries' free trade agreement were constructive, though he provided few details on the discussions.

The S&P/TSX Composite Index rose 1.2% to close at a record 35,170 on Tuesday, rebounding after underperforming US stocks in the previous session. Energy and mining shares led gains as oil prices remained elevated despite retreating from Monday’s spike, while gold prices moved higher. Canadian Natural rose 2.8%, Imperial Oil gained 3%, and Cenovus advanced 4%. Among miners, Agnico Eagle added 1.3% and WPM gained 1.1%. Barrick climbed 2% after reports that it is considering a London listing for its African business, with a potential all-share transaction involving UK-listed Endeavour Mining among the options under review. Cameco surged 7% after agreeing to acquire a Japanese energy company's remaining 5% stake in a uranium mine in northern Saskatchewan. Meanwhile, investors monitored conflicting signals regarding Iran's willingness to continue negotiations with the US.