The S&P/TSX Composite Index inched up 0.2% to close at 34,471 on Friday, lifted by a strong session on Wall Street and tentative signs of progress in talks between Iran and the United States. According to Iranian media, Iran’s foreign minister met with Pakistan’s interior minister to discuss proposals aimed at narrowing differences between Tehran and Washington.
Financials were among the main gainers, with Royal Bank of Canada rising 0.5% and TD Bank advancing 0.9%. Consumer discretionary stocks also aided the benchmark, led by a 2.5% jump in Magna International.
In contrast, mining shares came under pressure as weaker gold prices weighed on the sector, while persistently high oil prices kept inflation worries alive and reinforced expectations of a potential US interest rate hike later this year. Agnico Eagle slipped 0.9% and Barrick declined 1.2%.
