TSX Edges Higher to Kick Off the Week

The S&P/TSX Composite Index climbed 0.2% to close at 33,182 on Monday as investors cautiously monitored potential breakthroughs in a Pakistan-brokered peace proposal for the Middle East. Financial heavyweights provided the primary upward momentum with RBC advancing 0.7%, TD Bank rising 0.7%, BMO adding 0.8% and CIBC gaining 0.9%. Energy producers displayed divergent performance as Canadian Natural Resources climbed 1.6% while Imperial Oil and Enbridge fell 0.8% each. Mining stocks also traded with mixed results as Agnico Eagle Mines edged higher, but Barrick Gold tumbled 1.4% and Cameco dropped 1.8%. Domestically S&P Global data showed Canada’s Composite PMI recorded 47.6 in March remaining in contraction for a fifth straight month as the Middle East conflict weighed on demand.

The S&P/TSX Composite Index edged higher to above the 33,150 on Monday as investors weighed a Pakistan-brokered US-Iran peace proposal amid ongoing regional tensions. A senior Iranian official stated that Tehran would not reopen the Strait of Hormuz as part of a temporary ceasefire and rejected deadlines while reviewing the proposal which kept global supply concerns elevated. Financial heavyweights provided support as RBC, TD Bank and BMO all advanced over 0.6%. Energy producers showed resilience despite fluctuating crude prices with Imperial Oil rising 0.7% and Suncor Energy gaining 0.6% alongside a 0.7% increase for Canadian Natural Resources. Mining stocks were mixed as Agnico Eagle and Barrick Gold fell 0.2% and 1.1%. Domestically S&P Global data showed Canada’s Composite PMI recorded 47.6 in March remaining in contraction for a fifth straight month as the Middle East conflict weighed on demand.

Futures tracking the S&P/TSX Composite Index edged down on Monday as investors weighed a Pakistan-brokered US-Iran peace proposal. A senior Iranian official said Tehran would not reopen the Strait of Hormuz as part of a temporary ceasefire and would not accept deadlines while reviewing the proposal. Oil prices inched lower ahead of talks, though supply concerns from ongoing shipping disruptions persisted. Banks were mostly lower amid the fresh increase in bond yields. In turn, energy producers, which had benefited greatly from the oil supply crisis, came under pressure as crude prices dipped. Meanwhile, gold edged up, offering some support to miners.