Canada's main stock index opened sharply higher ?on Monday as U.S. President Donald Trump's rejection of Iran's response to a peace proposal left investors worrying that ?the 10-week-old conflict will drag on.
The TSX Composite Index climbed 212.98 points to start Monday at 34,290.74.
The Canadian dollar edged up 0.13 cents to 73.21 cents U.S.
Oil prices rallied on supply fears after the news, with the ?Strait of Hormuz remaining largely closed and global markets staying tight.
On the earnings front, Doman's first-quarter revenue missed analyst expectations on Friday because of weak plywood demand. Doman captured 24 cents, or 2.3%, to $10.51.
Barrick Mining on Monday beat Wall Street estimates ?for first-quarter profit as higher ?gold prices offset lower production. Barrick leaped $4.24, or 7.2%, to $63.37.
ON BAYSTREET
The TSX Venture Exchange acquired 6.57 points to 1,003.89.
The 12 TSX subgroups were split evenly, as materials hiked 3.7%, gold brightened 3.6%, and energy rumbled 1.5%.
The half-dozen laggards were weighed most by information technology, sliding 2%, while consumer staples and consumer discretionary stocks each collapsed 0.8%.
ON WALLSTREET
The S&P 500 was relatively unchanged on Monday, following a winning week on Wall Street, as oil prices rose after President Donald Trump rejected Iran’s latest proposal to end the war.
The Dow Jones Industrials index faded 10.32 points to start Monday at 49,598.84.
The much broader index edged up 9.39 points to 7,408.32.
The NASDAQ nicked up 0.97 points to 26,248.05.
Iran sent a new proposal to U.S. negotiators, centered on ending the monthslong conflict. The counteroffer stressed the need to end the war on all fronts and to lift sanctions on Tehran, Iran’s semi-official Tasnim news agency said, citing an informed source.
In response, Trump said in a Truth Social post that he did not like Iran’s response, adding that it was “TOTALLY UNACCEPTABLE!”
Oil futures climbed following Trump’s rejection. U.S. West Texas Intermediate futures rose 1% to above $96 per barrel, while international benchmark Brent crude futures gained 2% to above $103 a barrel.
Prices for the 10-year Treasury dipped, raising yields to 4.39% from Friday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.24 to $96.66 U.S. a barrel.
Gold prices strengthened $12.90 to $4,743.60 U.S. an ounce.
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