The S&P/TSX Composite Index climbed nearly 1% to trade above 35,500, setting a record high as rising commodity prices bolstered resource-linked stocks. Gold advanced on safe-haven demand amid escalating tensions between the US and Iran, lifting major miners: Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada each gained close to 2%.
The conflict also intensified concerns about energy supply, pushing oil prices higher and brightening the outlook for producers. Canadian Natural rose about 1.5%, Imperial Oil added roughly 1%, and Suncor and Cenovus each advanced nearly 2%. Cenovus is slated to report quarterly earnings on Thursday.
Elsewhere, Waste Connections inched higher ahead of its results, due after today’s closing bell. Investors are also watching quarterly reports from US tech giants Alphabet and Tesla, both scheduled for release after the close.
On the trade front, Prime Minister Carney said late Tuesday that he and US President Trump had agreed to intensify trade negotiations after Trump announced plans to impose 50% tariffs on a broad range of Canadian imports.