The S&P/TSX Composite Index ended little changed at 33,904 on Friday, as investors closely tracked the standoff between the United States and Iran, which has kept oil prices elevated amid uncertainty surrounding a fragile ceasefire. Tehran reinforced its control over the Strait of Hormuz, with few indications that the vital shipping lane will fully reopen in the near term. Persistently high Brent crude prices continued to fuel inflation worries and concerns about global growth, weighing on major banks and the broader index.
In Canada, producer prices rose 2.4% month-on-month in March, driven by sharp increases in energy, petroleum products, and chemical costs linked to the Iran conflict. The data heightened expectations that the central bank may have to consider additional interest rate hikes.
Among financials, Brookfield slipped 0.6% and TD edged lower, while Royal Bank of Canada and BMO posted modest gains. In the commodities space, gold prices rebounded but remained on track for a weekly loss. WPM fell 1.8% and Franco-Nevada declined 1%, whereas Agnico Eagle advanced 0.3% and Barrick rose 2%.
