The S&P/TSX Composite Index inched above 33,150 on Monday as investors assessed a Pakistan-brokered peace proposal between the US and Iran amid persistent regional tensions. A senior Iranian official said Tehran would not reopen the Strait of Hormuz as part of a temporary ceasefire and dismissed any deadlines while it reviews the proposal, keeping concerns over global supply elevated.
Financial heavyweights underpinned the market, with RBC, TD Bank, and BMO each gaining more than 0.6%. Energy producers also proved resilient despite volatile crude prices: Imperial Oil advanced 0.7%, Suncor Energy added 0.6%, and Canadian Natural Resources climbed 0.7%.
Mining shares were mixed, with Agnico Eagle down 0.2% and Barrick Gold slipping 1.1%. On the domestic front, S&P Global data showed Canada’s Composite PMI at 47.6 in March, signaling contraction for a fifth consecutive month as the Middle East conflict continued to weigh on demand.
