The S&P/TSX Composite Index rose 0.5% to trade near 36,000 on Tuesday, as a pullback in oil prices eased pressure on credit-sensitive stocks. Crude retreated after US President Trump said Washington would end financial support for Israel by year-end, while Iranian officials signaled a willingness to pursue diplomacy.
Canadian banks, which had been weighed down by inflation concerns linked to the recent oil rally, advanced. RBC, BMO, and National Bank each gained about 1%, and TD Bank added 0.5%.
Miners also moved higher despite muted gold prices. Agnico Eagle, Barrick, and Wheaton Precious Metals (WPM) each climbed roughly 3%, while Franco-Nevada gained 2%.
In corporate news, Topaz Energy fell 4% even after posting stronger-than-expected adjusted third-quarter earnings. Toromont edged 0.2% lower despite beating quarterly revenue forecasts.
Meanwhile, Fairfax Financial’s (-0.4%) planned acquisition of India’s IDBI Bank is facing resistance from employees and political parties, who are challenging both the lender’s valuation and the Indian government’s divestment process.
