Lower oil prices weighed on energy shares but lifted sentiment on inflation and rates, while Brookfield Asset Management jumped more than 6% after completing its Oaktree acquisition.
The S&P/TSX Composite Index climbed nearly 1% on Tuesday to trade above 35,500 after Monday's Civic Holiday, supported by broad-based gains across the market. Softer crude prices helped improve sentiment by easing worries about inflation and the outlook for higher interest rates after US President Donald Trump canceled planned strikes on Iran to revive negotiations. Financial stocks moved higher, with RBC, TD Bank, BMO, CIBC, and Scotiabank all up about 1%. Mining shares led the advance as firmer gold and copper prices lifted Agnico Eagle by over 5%, Barrick by nearly 5%, WPM by more than 6%, and Franco-Nevada, Teck Resources, First Quantum, Lundin Mining and other peers by between 3% and 10%. Brookfield Asset Management rose more than 6% after completing its acquisition of Oaktree, while Shopify added nearly 1.5% ahead of earnings on Wednesday. Energy shares underperformed as weaker oil prices pushed Suncor and Canadian Natural down 4%.