FX.co ★ TSX Lifted by Commodity Producers

The S&P/TSX Composite Index advanced by 0.4%, surpassing the 25,400 threshold on Tuesday. This marked a continuation of strong momentum into a second day, driven by gains in commodity producers amid escalating geopolitical tensions and uncertainty surrounding tariffs, which drove up oil and gold prices. Key oil sector players, including Canadian Natural, Suncor, Imperial Oil, and Cenovus, experienced increases ranging from 0.5% to 1.3%. This rise followed concerns of a tighter global oil supply after President Donald Trump announced a 25% tariff on U.S. imports from nations purchasing oil from Venezuela. Similarly, prominent mining companies such as Agnico Eagle, Wheaton Precious, Barrick Gold, and Franco-Nevada saw gains of 0.5% to 1.3%, as tariff-related uncertainties prompted a shift towards safer assets, supporting higher gold prices. Additionally, the market remained optimistic amid signs that the U.S. might adopt a more measured and targeted strategy regarding the forthcoming tariffs.