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The S&P/TSX Composite Index inched higher on Tuesday to close at a record 36,476, just above Monday’s peak, driven largely by strength in energy shares. The energy sector advanced as crude oil prices recovered from earlier losses after Iran reiterated it would keep the Strait of Hormuz closed until its demands are met. Canadian Natural rose 0.7%, Suncor gained 0.9%, Imperial Oil added 0.5%, and Cenovus climbed 0.9%.
Financials were mixed: Brookfield Asset Management jumped 4.6% on the back of strong fee revenue growth and a major fundraising effort, while most large banks declined. Investors are now looking to Wednesday’s US CPI report for further insight into the Federal Reserve’s policy path, while last week’s strong Canadian labor data continues to underpin expectations for a hawkish Bank of Canada.
In the materials sector, Franco-Nevada slipped 0.2% ahead of its earnings release, as markets continued to digest Barrick Gold’s results, with its shares down 2.1%. In technology, Shopify fell 1.8% and Constellation Software lost 2.5% ahead of their respective earnings reports.
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