(RTTNews) – Canadian shares rose on Friday as hopes for an end to the Gulf crisis rose ahead of tomorrow’s US-Iran talks.
After opening above yesterday’s close, the benchmark S&P/TSX Composite Index traded positive throughout the session today before closing up 218.05 points (or 0.65%) at 33,695.76.
Eight out of 11 sectors recorded gains today, with the materials sector leading the way.
Investors are focused on developments in the upcoming meeting between the US and Iran starting tomorrow in Islamabad, Pakistan.
Late Tuesday night, US President Donald Trump announced a two-week ceasefire on all US attacks against Iran.
Trump insisted that all US forces remain in Iran and stressed that Iran should immediately reopen the Strait of Hormuz and never again attempt to build a nuclear weapon.
As part of the ceasefire plan, a high-level delegation led by US Vice President JD Vance is scheduled to begin discussions with their Iranian counterparts tomorrow.
Before departing, Vance said he was optimistic about a positive outcome. However, he stressed America’s readiness for constructive talks but warned Iran against attempting to mess with the US.
Iran’s Tasnim news agency, quoting a source, reported that neither Foreign Minister Abbas Araghchi nor its Parliament Speaker Mohammad Bagher Ghalibaf had left for the meeting.
Iran is frustrated by Israel’s refusal to engage Lebanon in a two-week ceasefire and the targeted attack that killed nearly 300 people.
According to the agreement, Iran has not yet completely opened the Strait of Hormuz.
Reports indicate that Iran is planning to collect tolls from ships passing through the strait, which drew outrage from Trump.
Trump said the US is considering managing the strait as a “joint venture” to ensure smooth and safe maritime traffic for all tankers.
Currently, Iran allows only 15 ships per day to pass through the strait. Those ships must meet Iran’s specifications and receive support. Iran’s Islamic Revolutionary Guards Corps will manage the operation.
Iran provided a new navigational guidance map to help sailors avoid sea mines planted by Iran during the month-long war.
Iran’s outgoing supreme leader Mojtaba Khamenei said that management of the strait would not return to pre-war levels.
Shipowners are reluctant to allow their fleets to pass through the strait as the confusion has still not subsided.
Iran’s hold on the Strait of Hormuz has again raised supply concerns despite Trump insisting on freeing it through multiple messages.
WTI crude oil for delivery in May was last seen trading at $96.72 per barrel, down $1.15 (or 1.18%).
Data released today by Statistics Canada showed that the unemployment rate in Canada stood at 6.7% in March, slightly below the expected 6.8%. The score is largely unchanged from last month.
Employment in Canada increased by 14,000 jobs (or 0.10%) in March, after a cumulative decline of 109,000 jobs (or 0.50%) in the first two months of this year. Forecasts indicate an increase of about 15,000.
Despite the modest increase, this is the first job growth in 2026.
The Bank of Canada’s next interest rate announcement is on April 29. Given the current Gulf situation, currency markets are not betting on a change in the policy rate in the upcoming meeting.
Major sectors that gained in today’s trade included Materials (1.83%), Energy (1.49%), IT (1.12%), Real Estate (0.77%) and Utilities (0.66%).
Among individual stocks, Celestica Inc. (7.33%), Abrasilver Resources Corp. (5.83%), Lundin Gold Inc. (4.91%), 5N Plus Inc. (4.17%), Parex Resources Inc. (6.01%), and International Petroleum Corporation (4.24%) were the major gainers.
Major sectors that suffered losses in today’s trade included Industrials (0.23%), Consumer Staples (0.65%) and Communication Services (1.54%).
Among individual stocks, GFL Environmental Inc. (3.07%), Boyd Group Services Inc. (2.11%), Metro Inc. (1.30%), and Cogeco Communications Inc. (7.95%) were the notable losers.
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