TSX Gains as Energy Stocks Rally on Supply Concerns

he S&P/TSX Composite Index rose 0.4% to close at 34,291 on Tuesday, supported by gains in energy and banking stocks. Oil prices advanced after renewed disagreements between Iran and the US over a proposed peace framework revived supply concerns. Canadian Natural climbed 4.1%, while Imperial Oil gained 2.6% and Cenovus Energy added 3.2%. Banks also traded higher, with Royal Bank of Canada up 1.0% and TD Bank gaining 0.8%, offsetting declines in BMO (-0.2%) and Brookfield (-0.5%). BMO also agreed to sell its transportation and vendor finance businesses to Stonepeak. Meanwhile, gold prices weakened as a stronger US dollar clouded the outlook for US interest rates. Barrick fell 2.4%, while Wheaton Precious Metals lost 0.5%. Elsewhere, Chemtrade Logistics dropped 9.8% after weak quarterly results, while Organigram plunged 14.4% on weaker net revenue. Constellation Software (0.4%) and Franco-Nevada (-0.2%) are set to release Q1 2026 earnings after the close.

The S&P/TSX Composite edged down to trade below 34,500 on Tuesday as fading hopes for a US-Iran peace deal lifted oil prices and weakened risk appetite. Oil prices advanced after renewed disagreements between Iran and the US over a proposed peace framework revived concerns about supply disruptions, keeping stagflation fears in focus. Banks traded lower, with BMO down 1%. BMO announced an agreement to sell its transportation and vendor finance businesses to Stonepeak. Meanwhile, gold prices declined as a stronger US dollar and inflation data that came in slightly above expectations clouded the outlook for US interest rates. Barrick and WPM both fell more than 2%. Elsewhere, Chemtrade Logistics dropped nearly 5% after reporting first-quarter results below estimates, while Organigram plunged more than 14% following a sharper-than-expected decline in net revenue. Constellation Software (-1.2%) and Franco-Nevada (-1.9%) are set to release Q1 2026 earnings after the close.

Futures tracking the S&P/TSX Composite Index edged lower on Tuesday as fading hopes for a US-Iran peace deal lifted oil prices and weakened global risk sentiment. Crude prices rose after renewed disagreements between Tehran and Washington over a proposed peace framework revived concerns about supply disruptions. Elevated energy costs kept stagflation fears in focus, weighing on financial stocks and the broader market. Meanwhile, gold prices declined as the US dollar strengthened following inflation data that came in slightly above expectations, clouding the outlook for US interest rates. In other news, Bank of Montreal signed an agreement to sell its transportation and vendor finance businesses to Stonepeak. Chemtrade Logistics reported first-quarter revenue and EBITDA below estimates, while Organigram posted a sharper-than-expected decline in second-quarter net revenue. Constellation Software and Franco-Nevada are both set to release Q1 2026 earnings results after the market close.