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The S&P/TSX Composite Index inched higher toward the 35,000 level, approaching record territory, amid renewed optimism over US-Iran diplomacy. Senior officials indicated the two countries may sign an agreement to reopen the Strait of Hormuz on the sidelines of next week’s G7 summit. Oil prices eased, tempering inflation concerns and lowering expectations for further monetary tightening, which supported financials and the broader market. RBC added more than 0.5%, while TD Bank and BMO rose around 1%. Mining shares also advanced despite softer gold prices, with Agnico Eagle and WPM gaining nearly 1%. Industrial and infrastructure stocks posted gains as well, with TC Energy climbing more than 0.5%. By contrast, energy names slipped, with Imperial Oil falling over 0.5%. Shopify declined more than 2%, mirroring weakness in US technology stocks.
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