17.06.202520:06:10UTC+00TSX Edges Lower on Tuesday

On Tuesday, the S&P/TSX Composite Index saw a slight decline of 0.1%, closing at 26,541. This shift came as tensions between Iran and Israel resurfaced, exacerbated by President Trump's assertive stance—demanding Iran’s "unconditional surrender" and advocating for Tehran’s "complete evacuation". These geopolitical tensions steered investors towards safer assets, despite emerging reports that Iran was negotiating with Arab states for a ceasefire, potentially involving concessions on nuclear discussions. In another significant development, Prime Minister Mark Carney took markets by surprise, announcing that he and President Trump have tasked their respective teams with finalizing a new economic and security agreement within the next 30 days. Within the market, growth stock Shopify lagged behind, dropping 1.2% as investors shifted their attention to defensive sectors. Canadian railway operators, Canadian Pacific and Canadian National, also recorded declines of 1.4% and 2.1%, respectively. Conversely, the energy sector saw gains, with Canadian Natural, Suncor, and Cenovus rising between 1.4% and 2.6% due to stronger oil prices. Additionally, Agnico Eagle led the mining sector upward, benefiting from the demand for gold as a safe-haven asset.