FX.co ★ Canadian Stocks Gain on Commodity Recovery

The S&P/TSX Composite Index advanced on Wednesday as a rebound in gold and oil prices offset the previous session’s declines. Gold gained more than 1% ahead of the release of minutes from the latest US Federal Reserve meeting, boosting mining stocks. Oil rose roughly 2% after Iran’s foreign minister said Tehran and Washington had reached an understanding on “guiding principles” for nuclear negotiations, underpinning energy shares.

In corporate developments, iA Financial Group reported fourth-quarter earnings that missed analysts’ expectations, while IAMGOLD delivered revenue that came in above forecasts. Agnico Eagle Mines also disclosed a further investment in Maple Gold Mines. On the macroeconomic front, Canadian home sales declined 5.8% in January, following a severe winter storm.