The S&P/TSX Composite Index advanced 0.6% to close at 32,958 on Wednesday, as global markets rallied on signs of easing tensions in the Middle East. Comments from President Donald Trump and Secretary of State Marco Rubio bolstered expectations of a swift resolution to the conflict with Iran, pushing crude futures lower.
Gold and precious metals miners led the gains: Kinross Gold climbed 4.6%, Wheaton Precious Metals added 4.1%, and both Barrick Gold and Agnico Eagle rose more than 3%. Lower energy costs and a broad pullback in the US dollar supported financial heavyweights, with TD Bank up 1.1%, Royal Bank of Canada gaining 0.9%, and National Bank of Canada jumping 2.4%.
In contrast, weaker oil prices pressured energy producers. Canadian Natural Resources dropped 4.7%, Suncor Energy fell 1.9%, and Imperial Oil declined 1.5%. Following a 4.55% loss in March, the TSX opened the second quarter on a firmer footing as investors looked ahead to a national address from the White House.
