Canada's main stock index opened higher on Wednesday, led by gains in mining shares, as signs of easing Middle East tensions helped allay investor concerns about extended disruptions to energy supplies.
The TSX jumped 328.21 points to begin the midweek session at 32,269.80.
The dollar demurred 0.13 cents to 72.55 cents U.S.
The index recorded its biggest single-day advance in five weeks on Monday, though it remains 7.5% off its record closing high of March 2, when elevated oil prices provided a significant tailwind.
The Canadian dollar eased 13 cents to 72.55 cents U.S.
Eyes will be on Dollarama after brokerage CIBC upgraded the retailer to "outperform" from "neutral," while reducing its target price. Dollarama shares progressed $2.05, 1.2%, to $170.71.
ON BAYSTREET
The TSX Venture Exchange gained 21.51 points, or 2.3%, to 960.49.
All but two of the 12 TSX subgroups were higher in the early going, with gold shinier 2.5%, materials better by 2.4%, and health-care, improving 1.6%.
The two laggards were energy, down 0.3%, and consumer staples, off 0.1%.
ON WALLSTREET
Stocks jumped on Wednesday following reports that the U.S. has given Iran a plan to bring the conflict to an end, sending crude prices tumbling.
The Dow Jones Industrials recovered 334.53 points to 46,467.63
The S&P 500 hiked 50.9 points to 6,607.23
The NASDAQ surged 264.29 points, or 1.2%, to 22,026.18.
Gains in shares of technology supported the broader market Wednesday, with Nvidia, AMD and Intel all jumping. Stocks that would benefit from a solid economy also gained with financials and industrials in the green.
The Associated Press, citing unnamed officials in Islamabad, reported that Iran has received a 15-point proposal from the U.S. to end the war. The New York Times had first reported that the U.S. sent Iran a peace plan. The plan was delivered by way of Pakistan, that outlet said, citing two unnamed officials.
To be sure, the two countries appear to be very far apart and attacks from both sides have continued. The Wall Street Journal report that the U.S. is deploying the Army’s 82nd Airborne Division to the Middle East.
The peace plan report comes after Trump earlier Tuesday said that the U.S. is “in negotiations right now” with Iran. He added that Tehran is “talking sense” and suggested it is eager to make a peace deal.
Iran state media has said the country won’t accept U.S. ceasefire efforts, however.
Prices for the 10-year Treasury hiked, lowering yields to 4.33% from Tuesday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices declined $3.70 to $88.65 U.S. a barrel.
Gold prices jumped $155.90 to $4,557.90 U.S. an ounce.
