CANADA STOCKS-TSX rises for third straight day on Mideast optimism
By Fergal Smith
March 25 (Reuters) - Canada's main stock index added to this week's gains on Wednesday as signs of potential de-escalation in the Middle East war boosted investor sentiment, with metal mining shares leading a broad-based rally.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 441.01 points, or 1.4%, at 32,382.60, marking its third straight day of gains and its highest closing level since March 17.
Iran is still reviewing a U.S. proposal to end the war despite an initial response that was negative, a senior Iranian official told Reuters, indicating that Tehran had so far stopped short of rejecting it outright.
"It may be a relief rally because things got depressed lately," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "So far so good, but we're still in a volatile environment."
All 10 major sectors notched gains, including the materials sector .GSPTTMT, which includes metal mining shares. It was up 3.3% as gold XAU= and copper HGc1 prices climbed.
Industrials .GSPTTIN rose 1.3%, heavily weighted financials .SPTTFS added 0.9% and utilities .GSPTTUT ended 1.2% higher.
Shares of Boralex BLX.TO jumped nearly 11% after the company agreed to be acquired by Brookfield and La Caisse.
Energy was up 0.8% even as the price of oil CLc1 settled 2.2% lower at $90.32 a barrel. The war has all but halted shipments of oil and liquefied natural gas through the Strait of Hormuz, which typically carries about one-fifth of the world's LNG and crude supply.
Canada's federal government and the government of Alberta have reached an agreement-in-principle aimed at reducing methane emissions in the province's oil and gas sector, Canadian Prime Minister Mark Carney's office said.
