TSX Extends Gains to Six-Week High

The S&P/TSX Composite Index rose 0.66% to close at 34,102 on Tuesday, extending earlier gains after edging above the 34,000 level in early trade and reaching its highest level in nearly six weeks, as optimism over potential US-Iran talks continued to support sentiment. Lower oil prices, driven by easing supply concerns, weighed on the energy sector, while a softer US dollar supported gold and lifted mining stocks. Among gainers, Shopify advanced 2.12%, while Bank of Montreal (+1.31%), CIBC (+1.19%), TD Bank (+0.96%), and Royal Bank of Canada (+0.72%) posted gains after trading flat earlier in the session. Agnico Eagle Mines rose 1.01%. On the downside, energy stocks remained under pressure, with Canadian Natural Resources falling 2.85% and Enbridge down 1.07%, in line with weaker crude prices.

The S&P/TSX Composite Index inched higher to trade above 34,000 on Tuesday, reaching its highest level since early March, following reports that US-Iran talks could resume in Islamabad as early as this weekend. Oil prices fell on hopes for an end to conflict-driven supply shortages, easing stagflation and rate hike fears, which reduced pressure on banking stocks. BMO, Royal Bank of Canada, and Bank of Nova Scotia all traded nearly flat. Gold prices rose, supported by a softer US dollar, which lifted mining stocks. WPM gained nearly 2% and Agnico Eagle over 1%, while lower oil prices weighed on energy producers, with Canadian Natural Resources down over 2% and Suncor Energy down more than 1%. In other news, Prime Minister Mark Carney secured a parliamentary majority for his Liberal government on Monday. He stated that this majority will help him address the trade war initiated by US President Trump.

Futures tracking the S&P/TSX Composite Index inched higher on Tuesday as investors hoped a resolution to the Middle East conflict may yet be reached, following reports that US-Iran talks could resume in Islamabad as early as this weekend. Oil prices fell on hopes for an end to conflict-driven supply shortages, easing stagflation and rate hikes fears, reducing pressure on banking stocks . In contrast, lower oil prices are set to weigh on energy producers. Meanwhile, gold prices rose, lifted by a softer US dollar, supporting mining stocks.