TSX Rises as Energy Gains Offset Mining Losses

The S&P/TSX Composite Index gained 0.2% to close at 35,273 on Tuesday, supported by the energy sector and strong trade data. Canadian Natural rose 3.2%, Suncor added 3.2%, Imperial Oil gained 3%, and Cenovus advanced 3.5% as oil prices climbed after reports that the US would revoke the waiver allowing Iran to sell its oil following recent attacks on tankers in the Strait of Hormuz. Financials traded mixed as investors awaited the minutes from the Fed's June meeting for clues on monetary policy. RBC gained 0.5%, TD Bank rose 0.6%, and BMO added 1.2%, while Scotiabank and Brookfield lost 1%. Meanwhile, lower gold prices weighed on miners, with Agnico Eagle and WPM falling 3.2% and Barrick dropping 3.5%.

The S&P/TSX Composite Index edged down to trade below 35,500 on Tuesday, weighed by losses in mining stocks. Gold prices declined as investors assessed renewed Middle East tensions and awaited the minutes from the Fed's June meeting for clues on monetary policy. Agnico Eagle, Franco-Nevada, and WPM fell about 1%, while Barrick lost 2%. Oil prices, which had retreated to near pre-conflict levels following the Iran-Israel ceasefire, edged higher after reports of new attacks on vessels in the Strait of Hormuz. The rebound supported energy stocks, with Canadian Natural up more than 1% and Suncor and Imperial Oil gaining about 2%, but also lifted Canadian bond yields on renewed inflation concerns, limiting gains for financials. RBC, TD Bank, and BMO edged higher, while Scotiabank lost more than 1.5%. Shopify rose 2.5%, tracking gains in US tech services stocks.

Futures tracking the S&P/TSX Composite Index rose on Tuesday after Canada's exports climbed to a record C$77.1 billion in May. Higher shipments of gold ores and concentrates to China lended support to mining stocks. Oil prices, which had retreated to near pre-conflict levels following the Iran-Israel ceasefire, edged higher after reports of new attacks on vessels in the Strait of Hormuz. The rebound offered some support to energy stocks but also lifted Canadian bond yields slightly on renewed inflation concerns, limiting gains for financials and the broader market. Investors also awaited the minutes from the Fed's June meeting.