The S&P/TSX Composite Index inched higher on Friday, trading above 34,500 amid uncertainty over a potential breakthrough in US–Iran peace talks. US Secretary of State Marco Rubio noted there had been “some good signs” in negotiations to end the nearly three‑month‑old conflict involving the US, Israel, and Iran, but highlighted that major differences persisted regarding Tehran’s uranium stockpile and control of the Strait of Hormuz.
Financials advanced, with Bank of Montreal rising 0.5% and Toronto‑Dominion Bank gaining nearly 1%. In contrast, lower gold prices weighed on mining stocks, as renewed inflation concerns strengthened expectations for a possible US interest rate hike later this year. Agnico Eagle fell more than 1%, while Barrick declined over 1.5%. Investors also remained focused on quarterly results from Canada’s major banks, scheduled for release next week.
