23.06.202520:03:35UTC+00TSX Starts the Week on a High Note

On Monday, the S&P/TSX Composite Index increased by 0.4%, closing at 26,609, as investors remained unfazed by the potential for a broader conflict in the Middle East following Iran’s restrained missile attack on a U.S. base in Qatar, which was intercepted without causing any casualties. This development led to a drop in oil prices, negatively impacting energy stocks. Canadian Natural, Suncor, Imperial Oil, and Cenovus all experienced declines ranging from 2.9% to 4.9%. Conversely, there was a rise in gold producers, with Agnico Eagle, Wheaton Precious Metals, and Barrick Gold each seeing an increase of more than 1.0% amid continued strength in bullion prices. A significant contributor to the gains was the technology giant Shopify, which jumped 3.5% after surpassing subscriber expectations. Additionally, Brookfield and Thomson Reuters each advanced over 1.0% due to a resurgence in mergers and acquisitions activity. On the economic front, Prime Minister Trudeau's pledge to conclude a comprehensive trade agreement with the United States within 30 days, thereby circumventing potential tariffs on steel and aluminum, alleviated concerns in the export sector. Meanwhile, the Bank of Canada’s decision to maintain its current monetary policy provided support to financial stocks.