The S&P/TSX Composite Index rose 0.3% to close at 34,517 on Thursday, supported by optimism over a possible US–Iran peace agreement. Media reports suggested the two countries had reached a preliminary deal to extend their ceasefire, pending approval from US President Trump. The news came after Iran launched a strike on a US air base in retaliation for earlier US attacks on an alleged Iranian drone operation. As expectations for reduced geopolitical tensions grew, bond yields moved lower.
Mining stocks rebounded as gold prices recouped earlier losses, with Agnico Eagle gaining 1.4%, Wheaton Precious Metals advancing 2.0%, and Barrick rising 0.8%. Technology shares also strengthened, mirroring gains in US tech names. Shopify climbed 7.4% and Constellation Software added 4.0%. UBS reiterated its neutral rating on Shopify and kept its target price at $130.
Canada’s major banks traded mixed, despite solid quarterly earnings. Royal Bank of Canada slipped 0.4%, while TD Bank edged up 0.7%.
