CANADA STOCKS-TSX hits four-week high as resource shares rise ahead of Iran deadline

ReutersApr 7, 2026 8:53 PM

TSX ends up 0.2% at 33,237.52
Highest closing level since March 10
Energy rises 1.2% as oil settles higher
Materials group gains 0.6%

By Fergal Smith

April 7 (Reuters) - Canada's main stock index edged up on Tuesday to a four-week high, led by gains for energy and metal mining shares, as investors awaited a U.S. deadline for Iran to end its blockade of Gulf oil.

The S&P/TSX Composite Index .GSPTSE ended up 55.55 points, or 0.2%, at 33,237.52, marking its highest closing level since March 10.

U.S. stocks ended mixed amid signs of progress in negotiations as the minutes ticked down to President Donald Trump's 8 p.m. EDT (0000 GMT) deadline for Iran to open the Strait of Hormuz.

"It's very much in keeping with what we're seeing across all regional markets right now," said Bipan Rai, head of ETF and alternatives strategy at BMO Global Asset Management.

"It's waiting on what the outcome of later this evening will be, whether or not we're going to see a meaningful escalation or if we're going to see some version of the TACO trade," Rai said, referring to the "Trump always chickens out" investment strategy that has become popular among some investors.

The energy sector rose 1.2% as the price of U.S. West Texas Intermediate oil CLc1 settled 0.5% higher at $112.95 a barrel.

International Petroleum Corp IPCO.TO was one of the top performers. The stock added 4.2% after BMO Capital Markets upgraded it to "outperform" from "market perform."

Pembina Pipeline Corp PPL.TO shares edged 0.4% higher after the company said it expects to deliver 5% to 7% compound annual fee-based adjusted core profit per share growth through 2030.

The materials group .GSPTTMT, which includes metal mining shares, was up 0.6% as the price of gold XAU= climbed, while heavily weighted financials .SPTTFS added 0.4%.

"Financials - if you look at the broader backdrop, I still think it's fairly supportive for loan growth on a go-forward basis which should help banks," Rai said.

Five of the 10 major sectors ended lower. Those included technology and consumer discretionary .GSPTTCD, which lost 1% and 1.1% respectively.

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