The S&P/TSX Composite Index climbed 1.6% to a record close of 35,802 on Tuesday, supported by optimism over a potential US–Iran peace deal. Oil prices retreated after Qatar said mediators were making progress toward an agreement to normalize shipping through the Strait of Hormuz. The pullback in crude eased inflation concerns and reduced expectations for higher interest rates, pushing bond yields lower.
Financials advanced, with Brookfield gaining 7.9% after completing its acquisition of Oaktree. Rising gold, silver, and copper prices spurred a broad rally in mining stocks: Agnico Eagle rose 4.1%, Barrick added 4.4%, and WPM jumped 6.5%. Base metal producers also surged, with Teck Resources, First Quantum, Lundin Mining, and peers climbing as much as 16%.
Technology names were stronger, tracking gains in AI-related stocks on Wall Street. Shopify rose 5.6% ahead of its earnings release, while Constellation Software advanced 7.4% and Celestica surged 12.9%.
By contrast, energy stocks fell alongside crude, with Suncor down 3.6% ahead of its earnings report.
