Stocks continued to roll Tuesday, though not as overwhelming by the end of the day as the beginning, powered largely by gains in tech and energy issues.
The TSX gained 52.44 points to close Tuesday trading at 32,929.09
The dollar inched down 0.05 cents to 73.01 cents U.S.
Oil prices rose as fresh attacks by Iran on the United Arab Emirates rekindled supply fears amid continued shipping disruptions through the crucial Strait of Hormuz.
U.S. allies refused President Donald Trump's Monday appeal to dispatch warships to the waterway, a critical gateway for one-fifth of the world's oil and LNG trade.
With inflation fears mounting, and the war complicating rate-cut expectations, markets will closely monitor the U.S. Federal Reserve's two-day meeting, which kicks off on Tuesday, along with signals from the Bank of Canada.
Among tech issues, Bitfarms captured 15 cents, or 4.9%, to $3.24, while Celestica gained $16.17, or 4.4%, to $386.68.
In the energy patch, IPCO jumped $1.40, or 4%, to 35.67, while Athabasca Oil moved ahead 33 cents, or 3.6%, to $9.43.
In financials, goeasy Ltd. Flew $4.44, or 13.1%, to $38.25, while Sprott Inc. popped $4.33, or 2.2%, to $205.20.
Materials, on the other hand, went south Tuesday, as G Mining sank $3.12, or 6.4%, to $45.90, while Skeena Resources stumbled $1.24, or 3%, to $40.53.
In gold, Aya Gold slid 76 cents, or 3.5%, to $21.00, while New Gold handed back 55 cents, or 4%, to $13.33.
Consumer staples were also bruised, as Alimentation Couche-Tard dumped $1.29, or 1.5%, to $82.96, while George Weston hesitated $1.31, or 1.3%, to $97.39.
ON BAYSTREET
The TSX Venture Exchange slid into the red 1.11 points to 1,011.06.
The 12 TSX subgroups were evenly divided, with information technology flying 1.5%, energy, up 0.9%, and financials ahead 0.7%.
The half-dozen laggards were weighed most by materials, down 1.1%, gold, sinking 1%, and consumer staples, off 0.8%.
ON WALLSTREET
The S&P 500 rose on Tuesday as Wall Street built on the momentum seen in the previous session amid developments in the Iran war.
The Dow Jones Industrials held onto 47.46 points to 47,181.99.
The much broader index acquired 16.81 points to 6,716.19.
The NASDAQ moved ahead 105.35 points to 22,479.53.
Energy companies and ETFs are reaching new highs as the U.S.-Iran war continues. APA gained $1.33, or 3.8%, to $35.86, and BP jumped 90 cents, or 2.1%, to $43.80, while ConocoPhillips collected $1.57, or 1.3%, to $122.89, Coterra Energy advanced 64 cents, or 2%, to $33.01, and Devon Energy rose by 78 cents, or 1.7%, to $47.43.
Volatile oil prices and the fallout of the Iran war continue to influence investor sentiment. On Tuesday morning, oil prices advanced more than 1%, with global benchmark Brent crude above the $100 mark.
Oil’s bounce came after President Donald Trump suggested that a coalition to protect shipping along the Strait of Hormuz is still in the works.
Trump told reporters Monday that some countries are “less than enthusiastic” about a plan to help escort oil tankers through the Strait of Hormuz. The president encouraged other nations to “get involved quickly and with great enthusiasm.”
Bank of America reiterated Tuesday its buy rating on German software stock SAP, citing its “defensive business profile,” per its analysts’ new note to clients. SAP shares dipped $1.90, or 1%, to $189.73.
Prices for the 10-year Treasury climbed, lowering yields to 4.20% from Monday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices pointed higher $2.47 to $95.97 U.S. a barrel.
Gold prices gained $3.80 to $5,006 U.S. an ounce.
