S&P/TSX Composite Ends Lower as Investors Await Resolution on Iran War
Canada’s main stock index rose 359.53 points as oil prices fell on hopes the United States and Iran are nearing a deal.
- Canada's main stock index rose 359.53 points to 34,830.89 on Tuesday as U.S. President Donald Trump said negotiations with Iran are "proceeding nicely," signalling progress toward ending Middle East conflict.
- Oil prices have dominated financial markets since the U.S. and Israel attacked Iran in late February, with Iran closing the Strait of Hormuz to most oil tankers and keeping crude supply bottlenecked in the Persian Gulf for about four months.
- The July crude oil contract fell US$6.30 to US$90.30 per barrel on Monday, with Brianne Gardner, senior wealth manager of Velocity Investment Partners at Raymond James, noting the pullback shows markets are becoming less worried about an immediate energy shock.
- Semiconductor manufacturer Micron Technology leaped more than 20 per cent to top $900 and drove gains across materials, technology and industrial sectors, while the energy sector lagged as oil prices retreated on deal anticipation.
- Canada's Big Six banks report second-quarter earnings this week expected to deliver year-over-year gains, while RBC senior economist Claire Fan estimated first-quarter GDP rose an annualized 1.7 per cent, slightly higher than the 1.5 per cent average economist estimate.
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11 Articles
The Toronto Star
S&P/TSX composite closes up more than 350 points amid hopes of end to Iran war
TORONTO - Canada’s main stock index ended more than 350 points higher on Monday, led by the basic materials sector, while oil prices fell as the United States and Iran
TSX notches record closing high on Middle East peace hopes
Canada's main stock index rose to a record closing high on Monday as the prospect of a deal to end the war in the Middle East boosted investor sentiment, with technology and metal mining shares among the biggest gainers.
TSX hits record high as easing Iran tensions lift miners and revive risk appetite
Canada’s main stock index climbed to a fresh record on Monday, powered by a rally in mining shares as investors grew more optimistic that diplomatic efforts between the United States and Iran could eventually ease one of the biggest geopolitical threats hanging over global markets. The S&P/TSX Composite Index rose 0.7% to 34,778.98 points in […] The post TSX hits record high as easing Iran tensions lift miners and revive risk appetite appeared f…
S&P/TSX composite closes up more than 350 points
Canada’s main stock index ended more than 350 points higher on Monday, led by the basic materials sector, while oil prices fell as the United States and Iran appeared to be closing in on a deal to end the war in the Middle East. The S&P/TSX composite index was up 359.53 points at 34,830.89. “The TSX outperformed today,” said Brianne Gardner, senior wealth manager of Velocity Investment Partners at Raymond James. “We saw investors rotating a litt…
TSX Sets New Record Even as Oil Stocks Drop
The S&P/TSX Composite Index closed at a record 34,830.89 on Monday, up 1%, as tech and mining stocks advanced. Energy shares lagged after Brent crude fell nearly 7% to $96.30 a barrel amid hopes for U.S.-Iran talks. U.S. markets were closed for Memorial Day, resulting in thin trading. The Canadian dollar edged up 0.1% to 1.3800 per U.S. dollar. The post TSX Sets New Record Even as Oil Stocks Drop appeared first on TechStock².
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