The S&P/TSX Composite Index rose 0.9% to close at 36,336, its highest level in more than two weeks, as investors weighed the outlook for prospective US–Iran talks. US President Trump said American officials had a “very good” meeting with Iranian envoys on the sidelines of the UN General Assembly and indicated that another round of discussions was being planned in the near future. A senior Iranian official signaled that Iran could reopen the Strait of Hormuz within days if the US eased military pressure and lifted its blockade on Iranian ports.
A pause in the recent oil rally—which has stoked inflationary pressures and driven central banks to raise interest rates—provided support for equities. Miners advanced alongside a rebound in gold prices, with Agnico Eagle up 3.4%, Barrick gaining 3.1%, and WPM adding 4.5%.
Shopify jumped 7.4% after announcing a partnership with Meta that will allow purchases through Meta’s Muse AI agent using Shop Pay. In contrast, financials finished lower after Bank of Canada Governor Tiff Macklem cautioned that future rate decisions will have to weigh sluggish economic growth against elevated energy costs.