The S&P/TSX Composite Index climbed 0.4% to close at 35,649 on Tuesday, approaching a one-year high as the recent global bond sell-off eased. Bond yields pulled back from multi-year peaks, providing relief to credit-sensitive sectors. Financials benefited, with RBC up 0.6%, TD Bank gaining 0.5%, BMO rising 0.7%, and CIBC advancing 0.9%. Utilities also moved higher as lower yields boosted demand for high-dividend stocks.
Resource shares strengthened alongside a rebound in gold prices, with Agnico Eagle up 1.2% and Barrick adding 1.6%. The technology sector tracked Wall Street’s advance, led by a 2.4% gain in Shopify.
In corporate news, Emera fell 2.9% after announcing it would acquire Canadian Utilities, which slipped 1.9%, in a transaction that would form one of Canada’s largest power providers. ATCO surged 9.2% after stating it would spin off into a publicly traded industrial services company. ATCO currently owns nearly 37% of Canadian Utilities’ outstanding non-voting shares and all of its outstanding voting shares.