TSX Closes Higher as Mining Stocks Rally

The S&P/TSX Composite Index gained 0.2% to close at 34,139 on Monday, supported by strong gains in the mining sector. Barrick Mining surged 9.1% after beating estimates for first-quarter profit, as higher gold prices helped offset lower production. Other miners also advanced, with Agnico Eagle up 1.9% and Wheaton Precious Metals gaining 3.6%. Meanwhile, oil prices rose on renewed supply concerns after US President Donald Trump rejected Iran’s response to a proposed peace agreement. Energy producers tracked crude prices higher, with Canadian Natural rising 1.4% and Suncor Energy adding 1.7%. Still, elevated energy costs kept stagflation concerns in focus, weighing on financial stocks. Royal Bank of Canada fell 0.6%, while Brookfield lost 1.7%. Elsewhere, Shopify dropped 6.9%.

The S&P/TSX Composite Index gained 0.5% on Monday, lifted by strong gains in the mining sector. Barrick Mining surged more than 8% after beating estimates for first-quarter profit as higher gold prices offset lower production. Peers Agnico Eagle (+2.5%) and Wheaton Precious Metals (+3.5%) also advanced. Meanwhile, oil prices rose on renewed supply concerns after US President Donald Trump rejected Iran’s response to a proposed peace agreement. Energy producers traded higher, with Canadian Natural and Suncor Energy both gaining more than 1%. In contrast, elevated energy costs maintained fears of global stagflation, pressuring banking stocks. Royal Bank of Canada fell 0.5%, while TD Bank edged lower. Elsewhere, Doman Building Materials gained more than 4.5% despite reporting first-quarter revenue below expectations.

Futures tracking the S&P/TSX Composite edged lower on Monday after US President Donald Trump rejected Iran’s response to a proposed peace agreement. Oil prices rose on renewed supply concerns following the developments, with the Strait of Hormuz remaining largely closed and global energy markets tight. Higher energy costs maintained fears of global stagflation, pressuring banking stocks and the broader index. Meanwhile, gold prices declined as concerns that persistent inflation could keep interest rates higher for longer, weighing on miners. On the earnings front, Barrick Mining beat estimates for first-quarter profit as higher gold prices offset lower production. In contrast, Doman Building Materials’ first-quarter revenue missed expectations.