FX.co ★ TSX Edges Higher on Monday

The S&P/TSX Composite Index experienced a modest increase of 0.2%, closing at 26,569 on Monday. This uptick was attributed to reduced tensions in the Middle East and renewed optimism about de-escalation between Iran and Israel. These developments shifted investor focus towards the G7 summit in Alberta and upcoming policy decisions by the Federal Reserve. The information technology sector led the market surge, bolstered by global peers including Meta and Palantir, resulting in a 1.3% rise in the sector. Financial sectors also performed well, with major players like RBC, Brookfield, BMO, and Scotiabank each seeing gains of approximately 1%. Bombardier saw a significant rise of 2.4% following the announcement of a defense-technology partnership with Safran from France. On the economic data side, the Canada Mortgage and Housing Corporation indicated that May’s six-month housing starts trend remained stable at 243,407 units, while MLS-recorded home sales increased by 3.6% from April. This marked the first rise since last November, highlighting consistent domestic demand. However, energy shares lagged behind due to a dip in oil prices amidst reports of renewed negotiations with Iran.