Canada's main stock index rose on Monday, lifted by mining and energy gains, as firmer commodity prices offset concerns about a widening Middle East conflict.
The TSX soared 242.67 points to open the week at 32,203.32.
The Canadian dollar dipped 0.02 cents to 71.71 cents U.S.
In company news, a leadership shake up weighed on Air Canada, with the airline’s shares sliding 32 cents or 2.2% to $17.52 after it announced CEO Michael Rousseau will step down by the end of the third quarter.
ON BAYSTREET
The TSX Venture Exchange notched higher 5.83 points to 920.83.
All but one of the 12 TSX subgroups gained ground Monday, led by consumer discretionary stocks, up 1.2%, while gold and consumer staples each gained 1.1%.
The lone laggard was information technology, down 1.5%.
ON WALLSTREET
The Dow Jones Industrial Average traded higher on Monday after President Donald Trump offered investors hope that an end to the war against Iran is drawing near.
The 30-stock index powered ahead 237.22 points to 45,403.86.
The S&P 500 index recovered 12.51 points to 6,381.36.
The NASDAQ waned 11.59 points to 20,936. 77.
“The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran,” Trump said in a post on Truth Social on Monday.
However, while the president added that “great progress has been made,” he also said that if a peace deal is not reached “shortly” and the Strait of Hormuz is not “immediately” reopened, the U.S. will “conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet ‘touched.’”
Shares of chipmaker giant Nvidia fell 0.5% after trading in the green at the opening bell on Monday.
The market will be closed on Friday in observance of Good Friday, although the March jobs report is still scheduled for release that morning.
Prices for the 10-year Treasury jumped, lowering yields to 4.35% from Friday’s 4.43%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.17 to $101.81 U.S. a barrel.
Gold prices gained $27.30 to $4,506.60 U.S. an ounce.
