TSX hits record high as US-Iran deal boosts gold miners
TORONTO - Canada's main stock index rose to a record high on Monday, led by metal mining shares, as investors globally cheered a preliminary agreement to end the war in the Middle East and reopen the Strait of Hormuz.
The Toronto Stock Exchange's S&P/TSX Composite Index ended up 337.79 points, or 1%, at 35 275.64, eclipsing the record closing high it posted on June 4.
Wall Street's main indexes also posted gains as the deal between the US and Iran led to an easing of inflation fears.
"The planned reopening of the Strait of Hormuz and the end of the US naval blockade have helped send crude oil sharply lower, easing some of the geopolitical pressure that had recently weighed on market sentiment," Colin Cieszynski, chief
market strategist at SIA Wealth Management, said in a note.
Lower oil prices could reduce pressure on central banks to hike interest rates. The Federal Reserve is due to begin a two-day policy meeting on Tuesday.
The materials index, which includes metal mining shares, jumped 5.2% as gold and copper prices climbed.
Technology added 1.2% and consumer discretionary ended 0.8% higher.
Five of 10 major sectors ended lower including energy, which lost 2.7%. The price of oil settled 4.9% lower at $80.75 a barrel.
Mixed domestic data included manufacturing sales, which grew by 4.2% in April from March.
Canada's Ambassador to the US, Mark D. Wiseman, said that discussions with Washington on reviewing the US-Mexico-Canada free trade pact were productive and respectful.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
