The S&P/TSX Composite Index climbed about 0.5% on Monday to move above the 32,700 level, supported by easing energy supply concerns and cooling domestic inflation. Headline consumer price growth slowed more than expected to 1.8% in February, the weakest pace since last summer, reinforcing expectations that the Bank of Canada will stay on its current policy trajectory.
The resource-heavy benchmark, which had come under pressure last week amid surging oil prices and geopolitical tensions, is now stabilizing after U.S. officials confirmed that tankers are successfully transiting the Strait of Hormuz. Financial and technology stocks are leading the gains, with Shopify and BMO each advancing nearly 2% and ranking among the top performers, as investors reassess the outlook for global interest rates ahead of upcoming Federal Reserve and Bank of Canada policy meetings.
Energy majors such as Suncor and Canadian Natural Resources also remain in the spotlight following price target upgrades and a federal pledge to supply 23.6 million barrels of oil to the IEA.
