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The S&P/TSX Composite Index climbed nearly 1% on Monday, moving above the 34,500 mark, as markets were buoyed by indications that the United States and Iran are edging closer to an agreement. U.S. President Trump said Saturday that a memorandum of understanding on a potential deal with Iran was “largely negotiated,” while both countries, along with mediators in Pakistan, signaled progress in the talks.
Oil prices declined on hopes that an agreement could lead to the reopening of the Strait of Hormuz, easing stagflation concerns and driving bond yields lower. Investors also looked ahead to quarterly earnings from major Canadian banks: Royal Bank of Canada advanced 0.9%, Toronto-Dominion Bank gained 1.1%, and Bank of Montreal added 1.1%.
Renewed optimism around AI-related technology helped lift Shopify by more than 1.6%. Higher gold prices also underpinned mining stocks, with Agnico Eagle and Barrick Gold each rising nearly 3%, and Wheaton Precious Metals surging more than 4.5%. By contrast, weaker crude prices pressured energy producers, as Canadian Natural Resources fell more than 2% and Suncor Energy declined nearly 2%.
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