TSX Rises as Oil Drops on Peace Hopes

2026-05-06 20:54 By Isabela Couto 1 min. read

The S&P/TSX Composite Index rose 1.2% to close at 33,982 on Wednesday, as hopes for a US–Iran peace deal boosted sentiment, with reports suggesting both sides are nearing 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 (+1.9%) and TD Bank (+2.7%) higher.

Gold prices rose, aided by a weaker dollar and lower crude, lifting miners, as Agnico Eagle (+6.6%), Barrick (+7.6%), and Wheaton Precious Metals (+7.5%) surged.

On the earnings front, Suncor Energy and Cenovus Energy both beat expectations, the latter reporting an 83% profit jump, but shares fell 7.5% and 4.9%, respectively, amid declining oil prices.

Elsewhere, Loblaw (-5.4%) posted weaker-than-expected revenue, while Sun Life Financial (+0.1%) and Great-West Lifeco (+0.8%) 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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2026-05-06
TSX Rises as Oil Drops on Peace Hopes
The S&P/TSX Composite Index rose 1.2% to close at 33,982 on Wednesday, as hopes for a US–Iran peace deal boosted sentiment, with reports suggesting both sides are nearing 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 (+1.9%) and TD Bank (+2.7%) higher. Gold prices rose, aided by a weaker dollar and lower crude, lifting miners, as Agnico Eagle (+6.6%), Barrick (+7.6%), and Wheaton Precious Metals (+7.5%) surged. On the earnings front, Suncor Energy and Cenovus Energy both beat expectations, the latter reporting an 83% profit jump, but shares fell 7.5% and 4.9%, respectively, amid declining oil prices. Elsewhere, Loblaw (-5.4%) posted weaker-than-expected revenue, while Sun Life Financial (+0.1%) and Great-West Lifeco (+0.8%) 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 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