Equities in Canada’s largest centre joined their American cousins on the upward ride Wednesday, powered largely by mining and financial issues. Much relief was displayed that the war in Iran could be winding down.
The TSX Composite Index added 414.91 points, or 1.2%, to greet the closing bell Wednesday at 33,981.82.
The Canadian dollar slid 0.14 cents at 73.36 cents U.S.
Heavyweight mining stocks led gains, up 6.2% posting its biggest one-day gain since April 2025, as gold prices rose more than 3% following the news.
SSR Mining sprinted $6.02, or 15.8%, to $44.49, while Americas Gold and Silver gathered $1.32, or 17.5%, to $8.87, and IAMGOLD was up $3.07, or 15.7%, to $25.23, and were among the top gainers on the index.
Financial stocks grew, with Sprott climbing $33.94, or 19.7%, to $20.72, while those for goeasy captured 96 cents, or 3%, to $32.64.
Suncor Energy beat Wall Street estimates for first-quarter adjusted profit, driven by higher production and throughput volumes. But, Suncor stock sank $7.14, or 7.5%, to $87.91.
Oil sands producer Greenfire Resources swung to a first-quarter loss. Greenfire shares slid $1.08, or 11.9%, to $7.97.
Real estate firm Morguard missed its first-quarter revenue estimates on higher office and residential vacancy. Morguard shares dived Wednesday $1.68, or 2%, to $118.13.
Consumer staples went south, as Loblaw Companies retreated $3.43, or 5.4%, to $59.77, while George Weston sank $3.24, or 3.3%, top $95.05.
In the tech realm, Dye & Durham handed over a dime, or 3.1%, to $3.14.
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 faded 17.13 points, or 1.8%, to 995.90.
Eight of the 12 TSX subgroups gained ground Wednesday, gold soaring 7.4%, materials, up 6.4%, and financials picking up 1.8%.
The four laggards were weighed most by energy, shedding 5.1%, consumer staples, declining 1.9%, and information technology, off 1.7%.
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 popped 611.85 points, or 1.2%, to close at 49,910.10.
The S&P 500 climbed 105.81 points, or 1.5%, to 7,365.03, its first finish above the 7,300-point mark.
The NASDAQ rocketed 512.82 points, or 2%, to another all-time high of 25,838.94.
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 soared $62.75, or 17.7%, to $418.01 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.
Intel climbed $4.40, or 4.8% to finish at $112.91.
Prices for the 10-year Treasury gained, dropping yields to 4.35% from Tuesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices dumped $7.26 to $95.01 U.S. a barrel.
Gold prices strengthened $139.60 to $4,708.10 U.S. an ounce.
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