The S&P/TSX Composite Index rose 0.5% to close at 35,697 on Friday, as oil prices retreated on signs of potential diplomatic progress in easing tensions around the Strait of Hormuz. Gulf foreign ministers are scheduled to meet their Iranian counterpart in Oman on Monday as part of efforts to build support for a temporary framework to manage shipping through the strait. The pullback in crude prices provided some relief to equity markets.
Credit-sensitive financials advanced, with TD Bank and BMO each gaining 0.8%, while Scotiabank rose 0.9%. A rebound in gold prices bolstered heavyweight miners: Agnico Eagle climbed 2.2%, and both WPM and Franco-Nevada added 2.4%. Technology shares also strengthened, mirroring gains in major US hyperscalers and chipmakers. Shopify rose 1.9%, Constellation Software gained 2.5%, and Celestica jumped 6.6%. Descartes Systems surged 6.9% after posting second-quarter revenue that came in slightly ahead of expectations. Despite Friday’s advance, the S&P/TSX Composite Index finished the week down 1.7%.
