TSX Posts Biggest Gain in Nearly Three Weeks

The S&P/TSX Composite Index gained 1.2% to close at 34,162 on Wednesday, posting its biggest advance in nearly three weeks as mining, banking, and technology shares led gains. A pullback in oil prices eased pressure on long-term borrowing costs, supporting heavyweight financial stocks. Royal Bank of Canada rose 1.9%, while TD Bank gained 1.4%, and both BMO and Brookfield advanced 2.3%. Mining stocks also moved higher, with Agnico Eagle adding 2.7% and Barrick rising 3.6% as gold prices increased alongside a decline in Treasury yields. The move followed signs of incoming energy supply from the Middle East, which helped temper expectations of further inflation pressure. In the technology sector, Shopify climbed 3.8% ahead of Nvidia’s earnings release, which investors viewed as a key test of the strength of the AI-driven market rally. Nvidia is expected to report its fastest sales growth in more than a year.

The S&P/TSX Composite Index gained 0.5% on Wednesday as progress in US-Iran negotiations helped offset lingering inflation concerns that continued to keep bond yields elevated. In the latest diplomatic effort, Pakistan’s interior minister arrived in Tehran, with Pakistan acting as a mediator after hosting peace talks last month. Oil prices retreated, although they remained above $100 per barrel. Canada’s April inflation data released yesterday came in below forecasts despite higher energy costs pushing headline inflation higher. The recent pullback in oil prices eased some pressure on banking stocks and the broader index, with TD Bank and BMO both gaining more than 0.5%. Meanwhile, gold prices edged higher, supporting mining shares, with Barrick and Wheaton Precious Metals both rising over 0.5%. Investors also awaited Nvidia’s earnings results later in the day, which were expected to influence sentiment toward Canadian tech stocks. Shopify fell 1%, while Constellation Software lost 3%.

Futures tracking the S&P/TSX Composite Index edged higher on Wednesday as progress in US-Iran negotiations helped offset lingering inflation concerns that continued to keep bond yields elevated. In ?the latest diplomacy, Pakistan’s interior minister arrived in Tehran, with Pakistan acting as a mediator and conveying messages between both sides after hosting peace talks last month. Oil prices retreated, although they remained above $100 per barrel. Canada’s April inflation data released yesterday came in below forecasts despite higher energy costs pushing headline inflation higher. The recent pullback in oil prices is set to to ease some pressure on banking stocks and the broader index. Meanwhile, gold prices edged higher, offering support to mining shares. Investors are also awaiting Nvidia’s earnings results later in the day, which will influence sentiment toward North-American tech stocks.