The S&P/TSX Composite Index jumped more than 1.5% to climb above the 33,700 mark on Wednesday, as a diplomatic breakthrough in the Middle East ignited a global rally in risk assets. President Trump announced a conditional two-week ceasefire that includes reopening the Strait of Hormuz, easing stagflation concerns and pushing bond yields lower. This shift bolstered major financials such as RBC and TD Bank, which each added more than 2%, while tech heavyweight Shopify surged nearly 7% as credit worries receded.
Gold prices advanced to near three-week highs amid a broad reassessment of global risks, lifting Agnico Eagle and Barrick Gold by more than 5%. Mining stocks also benefited from strength in base metals, with Lundin Mining and First Quantum each gaining over 9%. In contrast, the energy sector came under heavy selling pressure as WTI crude tumbled below $95 per barrel, triggering steep declines in Canadian Natural Resources, Suncor Energy, and Imperial Oil, all of which fell more than 6%.
