TSX Edges Lower Despite Middle East Peace Hopes

The S&P/TSX Composite Index fell 0.30% to close at 34,052.23 on Thursday, despite markets getting an extra lift after President Trump announced a 10-day ceasefire between Israel and Lebanon and mediators signaled progress on reopening the Strait of Hormuz. While geopolitical optimism grew, oil prices rose amid supply uncertainty, causing energy stocks to extend gains, driven by today's boost in oil prices, with Canadian Natural up 0.92%. Meanwhile, major banks such as TD and BMO traded lower (-0.20% and -0.40%) as the oil rally cooled and stagflation fears eased, and European buyers like Uniper continued exploring Canadian LNG purchases to diversify supply. Elsewhere, gold remained resilient, leaving Agnico Eagle nearly flat (-0.03%), while Canadian Pacific Railway led the broader market declines with a 1.37% drop.

The S&P/TSX Composite Index rose 0.5% to trade above 34,000 on Thursday as investors weighed signals that a Middle East peace deal could soon be struck. A Pakistani mediator in Tehran and the US administration indicated progress toward a deal that would reopen the Strait of Hormuz. Oil prices continued rising amid supply uncertainty, though well below recent peaks. Energy stocks extended gains, with Suncor Energy and Canadian Natural both up nearly 1%. Meanwhile, major banks such as TD and BMO traded near flat as the oil rally cooled and energy-driven stagflation fears eased. In addition, European buyers, including Germany's Uniper, are exploring long-term LNG purchases from Canada's Pacific coast via the Panama Canal to diversify supply amid Iran tensions. Elewhere, gold prices rose, lifting Agnico Eagle and Franco-Nevada by about 0.5%.

Futures tracking the S&P/TSX Composite Index edged up on Thursday as investors weighed signals that a Middle East peace deal could be struck soon. A key Pakistani mediator in Tehran and the Trump administration indicated progress toward a deal that would reopen the Strait of Hormuz. Oil prices continued to rise amid supply uncertainty, though well below recent peaks, tempering gains for energy producers. In addition, European buyers, including Germany's Uniper, are exploring long-term LNG purchases from Canada's Pacific coast to be shipped through the Panama Canal, as part of a broader strategy to diversify supply made more urgent by the Iran war. Meanwhile, gold prices rose, supporting mining stocks.