The S&P/TSX Composite Index climbed nearly 1% on Friday, trading just below the 36,000 mark, as a pullback in oil prices eased pressure on equities amid hopes for diplomatic progress in the Strait of Hormuz. Gulf foreign ministers are scheduled to meet their Iranian counterpart in Oman on Monday in an effort to secure backing for a temporary arrangement to manage shipping through the key waterway. The pause in the oil rally gave stocks some breathing room.
Financials advanced, with major banks including TD Bank, BMO, Scotiabank, and CIBC each gaining around 1%. A rebound in gold prices bolstered heavyweight miners: Agnico Eagle, Franco-Nevada, and Wheaton Precious Metals (WPM) added more than 2.5%, while Barrick rose more than 2%. Copper prices also recovered after Thursday’s decline, which had hit copper producers hard; Hudbay Minerals gained more than 1.5% after dropping over 7% in the prior session. Elsewhere, Descartes Systems rose about 4.5% after posting second-quarter revenue that came in slightly ahead of expectations.
