The win streak compiled this week in Toronto continued Wednesday, in the wake of bright new developments, possibly aimed at ending the war in Iran, or at least, providing a ceasefire.
The TSX rumbled 441.01 points higher to close Wednesday at 32,382.60
The dollar demurred 0.29 cents to 72.39 cents U.S.
Pakistan has delivered a U.S. proposal to defuse tensions and help end the war in the Gulf, with either Islamabad or Turkey playing potential hosts if the talks went ahead, an Iranian official told Reuters on Wednesday. However, Tehran has publicly denied it will negotiate with the Trump administration.
Dollarama soared after brokerage CIBC upgraded the retailer to "outperform" from "neutral," while reducing its target price. Dollarama shares progressed $3.35, or 2%, to $172.01.
Gold stocks were stars of the show, led by Wesdome Gold, hiking 97 cents, or 4.4%, to $23.09, while Kinross Gold galloped $1.63, or 4.2%, to $40.12.
In materials, G Mining spiked $2.98, or 7.5%, to $43.65, while Hudbay Minerals acquired $1.83, or 5.1%, to $37.91.
In the industrial sector, Brookfield Business Partners piled on $3.12, or 7.4%, to $45.39, while Bird Construction jumped $1.84, or 5.1%, to $37.91.
Telecoms fell, as TELUS slid 21 cents, or 1.2%, to $17.90, while BCE lost 20 cents to $35.34.
ON BAYSTREET
The TSX Venture Exchange gained 8.66 points to 947.64.
All but one of the 12 TSX subgroups were higher on the day, with gold shinier 3.2%, materials better by 3.1%, and industrials ahead 1.4%.
Only telecoms missed the party, leaning lower 0.1%.
ON WALLSTREET
Stocks jumped on Wednesday as oil prices pulled back and traders hoped the U.S. and Iran could reach an agreement for a ceasefire.
The Dow Jones Industrials surged 305.43 points to 46,429.49.
The S&P 500 added 35.53 points to 6,591.90
The NASDAQ hiked 167.93 points to 21,929.83.
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.
Iran state media said the Middle Eastern country has rejected the U.S.' ceasefire offer, however, instead laying out a five-point plan that includes granting Iran control over the Strait of Hormuz.
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 $1.10 to $91.25 U.S. a barrel.
Gold prices jumped $131.70 to $4,533.80 U.S. an ounce.
