Canada's main stock index rose to a record high on Monday as markets cheered a preliminary agreement between Washington and Tehran to end the Iran war and reopen the crucial Strait of Hormuz.
The TSX Composite Index bounced 335.85 points, or 1%, to 35,273.70.
The Canadian dollar dipped 0.1 cents to 71.51 cents U.S.
The framework, which is expected to be formally signed in Switzerland on Friday, does not address certain key issues including Iran's nuclear program and the conflict between Israel and Lebanon.
G Mining Ventures popped $5.58, or 15%, to $42.788, while Silvercorp Metals surged $1.50, or 9.5%, to $17.31. Americas Gold and Silver Corporation went skyward 78 cents, or 10.6%, to $8.16.
ON BAYSTREET
The TSX Venture Exchange hiked 30.99 points, or 3.2%, to 990.22.
Seven of the 12 TSX subgroups climbed, led by gold, sprinting 7.4%, materials, ahead 6.1%, and information technology, up 2.4%.
The five laggards were weighed most by energy, stumbling 3.7%, consumer staples, sliding 0.9%, and telecoms, backtracking 0.8%.
ON WALLSTREET
Stocks rose on Monday to kick off the holiday-shortened trading week as SpaceX extended its rally and after President Donald Trump announced that an agreement had been reached to end the war between the U.S. and Iran.
The Dow Jones Industrials jumped 669.69 points, or 1.4%, to pause for lunch at 51,901.95.
The S&P 500 index hiked 140.11 points, or 1.1%, to 7,571.57.
The NASDAQ hopped 768.39 points, or 3%, to 26,654.96.
SpaceX shares popped 10% after soaring 19% in their public market debut on Friday.
Trump said late Sunday on social media that a deal with Iran was “now complete.” The memorandum of understanding will be signed on Friday in Switzerland, according to Pakistan Prime Minister Shehbaz Sharif.
The announcement came after an exchange of fire between Israel and the Tehran-backed Hezbollah in Lebanon raised uncertainty over whether the agreement would get across the finish line on Sunday.
Trump also said he authorized the reopening of the key Strait of Hormuz passageway, sending oil prices tumbling. On Monday, Vice President JD Vance the media he expects the strait is “going to be opened in a toll-free way for the long term.”
Prices for the 10-year Treasury gained ground, lowering yields to 4.46% from Friday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices retreated $4.58 to $80.30 U.S. a barrel.
Gold prices shone $142.20 brighter to $4,381.00 U.S. an ounce.
