TSX Rises as Oil Drops on Middle East Peace Hopes

2026-05-06 14:04 By Isabela Couto 1 min. read

The S&P/TSX Composite rose on Wednesday on hopes that a peace deal between the US and Iran could be reached soon, with reports suggesting both sides are close to a memorandum to end the Gulf conflict.

Oil prices plunged on expectations that Middle East supply could resume, easing inflation concerns and supporting banks, with Royal Bank of Canada up over 1% and TD Bank adding +1.5%.

Gold prices rose, aided by a weaker dollar and lower crude, lifting miners, as Agnico Eagle and Barrick surged around 5% and Wheaton Precious Metals advanced near 6.0%.

On the earnings front, Suncor Energy and Cenovus Energy both beat expectations, the latter reporting an 83% profit jump.

Still, shares of both fell about 4% amid declining oil prices.

Elsewhere, Loblaw (-3.6%) posted slightly weaker-than-expected revenue, while Sun Life Financial (+1.0%) and Great-West Lifeco (+0.1%) are set to report later in the day.

On the data front, the Ivey PMI rose to 57.7 in April from 49.7 in March.



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TSX Rises as Oil Drops on Middle East Peace Hopes
The S&P/TSX Composite rose on Wednesday on hopes that a peace deal between the US and Iran could be reached soon, with reports suggesting both sides are close to a memorandum to end the Gulf conflict. Oil prices plunged on expectations that Middle East supply could resume, easing inflation concerns and supporting banks, with Royal Bank of Canada up over 1% and TD Bank adding +1.5%. Gold prices rose, aided by a weaker dollar and lower crude, lifting miners, as Agnico Eagle and Barrick surged around 5% and Wheaton Precious Metals advanced near 6.0%. On the earnings front, Suncor Energy and Cenovus Energy both beat expectations, the latter reporting an 83% profit jump. Still, shares of both fell about 4% amid declining oil prices. Elsewhere, Loblaw (-3.6%) posted slightly weaker-than-expected revenue, while Sun Life Financial (+1.0%) and Great-West Lifeco (+0.1%) are set to report later in the day. On the data front, the Ivey PMI rose to 57.7 in April from 49.7 in March.
2026-05-06
TSX Futures Rise as Oil Drops on Peace Hopes
Futures tracking the S&P/TSX Composite rose on Wednesday on hopes that a peace deal between the US and Iran could be reached soon, with reports suggesting both sides are close to agreeing on a memorandum to end the Gulf conflict. Oil prices plunged on expectations that supply from the Middle East could resume, easing concerns about inflation and supporting banks and the broader index. Meanwhile, gold prices rose, aided by a weaker dollar and lower crude prices, supporting mining stocks. On the earnings front, Suncor Energy beat estimates for first-quarter adjusted profit on higher production and throughput, while Cenovus Energy reported an 83% jump in profit, supported by stronger crude prices, refining margins, and output following its acquisition of MEG Energy. Loblaw posted slightly weaker-than-expected revenue. Sun Life Financial and Great-West Lifeco are set to report results later in the day.
2026-05-06
TSX Slips on Middle East Tensions and Shopify Drop
The S&P/TSX Composite Index fell 0.2% to close at 33,567 on Tuesday, amid ongoing Middle East tensions and a wave of corporate earnings. The US and Iran launched fresh attacks in the Gulf, intensifying their standoff over the Strait of Hormuz. Meanwhile, Shopify plunged 10% despite beating Q1 revenue estimates and reporting higher gross profit, as net income disappointed, while Cameco dropped 3.1%, trimming earlier gains after strong results. In contrast, banks advanced as oil prices eased despite geopolitical risks, with softer energy costs helping to temper inflation concerns, as Royal Bank of Canada rose 0.3% and BMO gained 0.7%. Gold prices increased, supporting miners, with Barrick (+1.1%) and Wheaton Precious Metals (+1.0%) higher. Suncor Energy (+1.9%) is set to report earnings after the close.
2026-05-05