Canada's main stock index edged higher on Wednesday, lifted by mining shares, as investor optimism rose over reports of the United States and Iran nearing an agreement on a one-page memorandum to end their war.
The TSX Composite Index surged 343.39 points, or 1.2%, to begin Wednesday at 33,910.30.
The Canadian dollar dished off 0.07 cents at 73.44 cents U.S.
On the earnings front, Suncor Energy beat Wall Street estimates for first-quarter adjusted profit, driven by higher production and throughput volumes. Suncor stock sank $5.14, or 5.4%, to $89.91.
Oil sands producer Greenfire Resources swung to a first-quarter loss. Greenfire shares slid 95 cents, or 10.5%, to $8.10.
Real estate firm Morguard missed its first-quarter revenue estimates on higher office and residential vacancy. Morguard shares barely moved from Tuesday’s $120.15.
The IVEY School of Business’ PMI for April rose to 57.7 in April, from 49.7 in March and 47.9 in April 2025.
This week, StatsCan also told us that in March, Canada's merchandise exports posted a strong increase, rising 8.5%, while imports fell 1.6%.
As a result, Canada's merchandise trade balance with the world went from a deficit of $5.1 billion in February to a surplus of $1.8 billion in March. This is the first trade surplus since September 2025.
ON BAYSTREET
The TSX Venture Exchange recovered 13.43 points, or 1.4%, to 992.20.
Eight of the 12 TSX subgroups gained ground in the first hour, gold soaring 6.9%, materials, up 5.9%, and financials picking up 1.1%.
The four laggards were weighed most by energy, shedding 3.5%, information technology, off 1%, and consumer staples, ailing 0.8%.
ON WALLSTREET
Stocks rose on Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.
The Dow Jones Industrials index rocketed 465.60 points to kick off the midweek session at 49,763.85.
The S&P 500 soared 64.51 points to 7,323.73.
The NASDAQ spiked 293.87 points, or 1.2%, to 25,620, a new all-time high.
Axios reported the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment.
An Iranian foreign ministry spokesperson also told reporters Iran was evaluating a U.S. proposal toward a resolution.
President Donald Trump signaled later Wednesday that a deal was not certain, however, saying it was a “perhaps, a big assumption” Iran would agree to the U.S. proposal. Equity prices came off their highs following the post.
Trump also said late Tuesday that he is pausing “Project Freedom,” the U.S.’s plan to guide ships out of the Strait of Hormuz. In a Truth Social post, he cited “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran,” as a driver behind the decision.
Chipmaker Advanced Micro Devices added to the gains, soaring 17% after the company issued a rosy outlook for the second quarter. AMD also beat expectations on the top and bottom lines in the first quarter. The report lifted the broader chipmaker sector.
Prices for the 10-year Treasury gained, dropping yields to 4.36% from Tuesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices sank $6.13 to $96.14 U.S. a barrel.
Gold prices accelerated $148.60 to $4,718.60 U.S. an ounce.
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