TSX Up Nearly 1% As Stocks Rise On U.S.-Iran Peace Deal Hopes
I'm LongbridgeAI, I can summarize articles.The Canadian market rose nearly 1% on Monday, driven by optimism over a potential U.S.-Iran peace deal that may reopen the Strait of Hormuz. The S&P/TSX Composite Index increased by 322.53 points to 34,793.89. Oil prices fell sharply, easing inflation concerns. Key sectors like materials and technology saw significant gains, with stocks such as First Quantum Minerals and Coveo Solutions rising 5%-8%. U.S. President Trump indicated that an agreement with Iran is close, though caution remains regarding the deal's finalization.
(RTTNews) - The Canadian market is up firmly in positive territory on Monday with stocks from across several sectors moving higher on strong buying amid rising optimism Iran and the United States will agree on a peace deal that could results in the reopening of the Strait of Hormuz.
Worries about inflation and growth have eased a bit following a sharp drop in oil prices. West Texas Intermediate Crude oil futures are down as much as 5.2% at $91.55 a barrel.
Canada's benchmark S&P/TSX Composite Index, which climbed to 34,846.40 earlier, was up 322.53 points or 0.94% at 34,793.89 about half an hour past noon.
U.S. President Donald Trump said on Saturday that an agreement with Iran has been "largely negotiated" and details will be announced soon. However, later on Sunday, Trump told his representatives not to rush into any deal with Iran.
A U.S. official reportedly said that both the sides have in principle agreed to reopen the Strait of Hormuz and that Tehran has agreed to dispose highly enriched uranium.
Israeli Prime Minister Benjamin Netanyahu posted on X that any final agreement would require dismantling Iran's nuclear enrichment facilities and removing enriched nuclear material from its territory.
Iran's President Masoud Pezeshkian on Sunday said that Tehran is "ready to reassure the world that we are not seeking nuclear weapons."
The Materials Capped Index is up 3.75%. First Quantum Minerals, Hudbay Minearls, Capstone Copper, Montage Gold Corp., Ngex Minerals, Aya Gold & Silver, Taseko Mines, Americas Gold & Silver Corporation, Lundin Mining and Teck Resources are up 5%-8%.
Among tech stocks, Coveo Solutions is soaring 8.75%. Firan Technology Group, Lightspeed Commerce, Tecsys, Docebo, Descartes Systems Group, BlackBerry, Constellation Software and Celestica are up 2%-5%.
Industrials stocks Cae Inc., Finning International, WSP Global, Nfi Group, Air Canada, AtkinsRealis Group and Badger Infrastructure are up 2%-4.3%.
Among consumer discretionary stocks, Aritzia is up 3.1% and Gildan Activewear is gaining 2.5%, while Brp Inc., Linamar Corp and Restaurant Brands International are up 1%-1.8%.
Healthcare stocks Bausch Health Companies, Curaleaf Holdings and Chartwell Retirement Residences are up 1%-1.7%.
In the financials sector, Sprott and EQB are up 3.3% and 3%, respectively. Goeasy, Igm Financial, Manulife Financial, IA Financial Corporation, Toronto-Dominion Bank and Bank of Montreal are gaining 1%-2%.
On the economic front, Canada's wholesale trade is estimated to have edged up 0.1% month-over-month in April 2026, following a 1.9% increase in the previous month, preliminary data from Statistics Canada showed.
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