Canada's benchmark index steered its way up by midday Thursday, with gains in mining stocks offsetting losses in energy. Investors were assessing the prospect of a temporary truce between the United States and Iran.
The TSX Composite Index climbed 98.87 points to break for lunch at 34,080.69.
The Canadian dollar dipped 0.02 cents to 73.35 cents U.S.
The United States and Iran are edging toward a limited, temporary agreement to halt their war, sources and officials said, with the emerging plan centering on a short-term memorandum rather than a comprehensive peace deal.
Oil prices fell around 2% to below $100 U.S. a barrel as the peace deal could bring a gradual reopening of the Strait of Hormuz.
On the earnings front, Canadian Natural Resources surpassed expectations for first-quarter profit on the back of higher output. Natural Resources shares dumped $2.35, or 3.8%, to $59.92.
Enerflex's first-quarter revenue rose 6% on engineered systems strength, while packaging and tissue maker Cascades' quarterly sales slightly missed analysts' expectations. Enerflex slid 90 cents, or 2.5%, to $35.81.
Miners B2Gold, Endeavour Silver and Torex Gold were among the top gainers on the index after posting positive quarterly earnings.
B2Gold rocketed $1.02, or 16.8%, to $7.11, while Endeavour hiked $2.43, or 19.2%, to $15.11.
Torex captured a dime, or 55.6%, to 28 cents.
However, gains were capped by energy stocks, with oil and gas producers Strathcona sliding $2.40, or 5.5%, to $41.21, and Tourmaline subtracted $3.32, or 5%, to $63.53, as a decline in crude oil benchmarks overshadowed positive quarterly earnings.
Nutrien fell $6.68, or 6.6% to $94.13, after the potash producer warned of tighter nitrogen market conditions going ahead.
ON BAYSTREET
The TSX Venture Exchange regained 11.98 points, or 1.2%, to 1,007.88.
Eight of the 12 TSX subgroups rallied into the afternoon, as gold brightened 3.1%, materials tallied 2.7%, and information technology gained 2.4%.
The four laggards were weighed most by energy, paling 3.2%, while utilities and financials each sagged 0.2%.
ON WALLSTREET
The S&P 500 hit a new all-time intraday high on Thursday as oil prices fell for another day, buoyed by hopes that the U.S. and Iran were closing in on an agreement to end the war.
The Dow Jones Industrials index lost 90.41 points to 49,820.18.
The broader market grabbed 7.68 points to 7,372.80.
The NASDAQ jumped 124 points, to 25,962.96. The tech-heavy index also scored a fresh all-time high.
Along with declining oil prices, more strong quarterly results helped sentiment as well. Shares of DoorDash added more than 1% after the food delivery giant issued rosy guidance for orders in its second quarter.
Meanwhile, Fortinet climbed 22% after lifting its full-year billings guidance.
Prices for the 10-year Treasury hesitated, raising yields to 4.37% from Wednesday’s 4.35%. Treasury prices and yields move in opposite directions.
Oil prices dumped $3.21 to $91.57 U.S. a barrel.
Gold prices strengthened $57.30 to $4,751.60 U.S. an ounce.
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