Markets in Canada’s largest centre ?opened higher on Wednesday after U.S. President Donald Trump signaled a resolution to the Middle East conflict could be within ?reach, though a fall in oil ?prices capped gains.
The TSX stretched higher 150.4 points to open at 32,918.44.
The Canadian dollar was up 0.08 cents at 72 cents U.S.
On the economic landscape, the Markit Canada PMI for March fell to 50.0 in March from 51.0 in the previous month signaling a stagnation of manufacturing sector performance and ending a two-month period of improvement.
ON BAYSTREET
The TSX Venture Exchange gained 15.6 points, or 1.6%, to 973.44.
Eight of the 12 TSX subgroups were higher to begin Wednesday, headed by gold, strengthening 2.3%, while materials moved 1.8% higher, and industrials climbed 1%.
The four laggards were weighed most by energy, reversing 2.2%, while information technology backtracked 0.6%, and telecoms, off 0.1%.
ON WALLSTREET
Stocks rose on Wednesday, while oil prices declined to start the month, as hope grew that an end to the U.S.-Iran war was on the horizon.
The Dow Jones Industrials index jumped 233.68 points to 46,575.19.
The S&P 500 index captured 40.21 points, to 6,568.73.
The NASDAQ hiked 219.54 points, or 1%, to 21,918.44.
President Donald Trump said in a post on Truth Social Wednesday morning that Iran’s president has asked the U.S. for a ceasefire. However, the U.S. will consider the offer when the Strait of Hormuz is “open, free, and clear,” Trump added, writing that “until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”
This comes after the president told reporters at the White House late Tuesday that he expects the U.S. military forces will leave Iran in “two or three weeks.”
The moves came after an unconfirmed report said that Iranian President Masoud Pezeshkian was open to ending the war with guarantees.
He made similar remarks earlier this month, saying in an X post that the “only way to end this war ... is recognizing Iran’s legitimate rights, payment of reparations, and firm int’l guarantees against future aggression.”
Investors will get more clues on the path forward for the U.S.-Iran war Wednesday at 9 p.m. ET, with Trump set to deliver an address “to the nation to provide an important update.”
Shares in Nike tumbled almost 9% Tuesday after its North America revenue came in at $5.03 billion, while analysts surveyed by LSEG had expected $5.04 billion. The “Just Do It” company also offered a weak sales outlook for its current quarter.
Nike opened Wednesday off $7.52, or 14.2%, to $45.30.
Bank of America is trading at a discount, and investors would be wise to scoop up shares of the bank, according to HSBC Global Investment Research. The stock which trades under the symbol BAC gained 56 cents a share, or 1.2%, to $49.31.
Prices for the 10-year Treasury were static, keeping yields at Tuesday’s 4.32%.
Oil prices toppled $2.31 to $99.07 U.S. a barrel.
Gold prices leaped $93.70 to $4,741.30 U.S. an ounce.
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