TSX Futures Edge Higher as Gold and Oil Rally

Canada's S&P/TSX Composite Index rose around 0.3% to above the 34,000 level for the first time on Wednesday, as heavyweight bank earnings overshadowed a slump in fleet management. The financial sector powered the advance after Bank of Montreal surged over 3% after beating Q1 profit estimates, and National Bank of Canada soared nearly 5% on a similarly strong report following its acquisition of Canadian Western Bank. Offsetting these gains, Element Fleet Management shares tumbled 8.5% after reporting Q4 earnings that missed analyst expectations. Commodity-linked stocks provided additional support as gold prices rose against a weaker dollar, while crude oil remained elevated as traders monitored ongoing US-Iran nuclear talks and military positioning in the Middle East. Tech shares remained bright, with Shopify up over 2.5% and Thomson Reuters extending its gains by 4.5%.

Futures tracking the S&P/TSX Composite Index rose on Wednesday, building on a record high from the prior session, as gold and oil prices climbed. Gold gained on a weaker US dollar, boosting mining stocks, while oil prices rose amid lingering concerns over a potential US-Iran military conflict, supporting energy producers. Element Fleet Management reported fourth-quarter profit slightly below estimates in aftermarket trading. Also, Bank of Montreal beat market estimates for first-quarter profit. Likewise, National Bank of Canada posted a stronger-than-expected fiscal Q1, helped by newly included Canadian Western Bank results

Canada’s S&P/TSX Composite Index rose 0.6% to a fresh record 33,970 points on Tuesday, as tech and industrial gains offset financial weakness. Thomson Reuters surged 11.4% after partnering with Anthropic on AI tools. This helped technology and industrials rise 0.8% and 0.9%, respectively. Conversely, the financial sector faced pressure despite strong earnings. Scotiabank reported a jump in Q1 net income to $2.30 billion, yet shares fell 0.7% as traders weighed credit risks. Energy was mixed despite Whitecap Resources beating estimates, while gold miners like Agnico Eagle (1.5%) found late support. Sentiment remains cautious as a 10% US tariff took effect today, with investors now pivoting to upcoming results from BMO and RBC to gauge the resilience of Canada’s financial core.