04.08.202614:21:22UTC+00Canadian Shares Rise on Lower Oil Prices

The S&P/TSX Composite Index climbed nearly 1% on Tuesday, trading above the 35,500 level after Monday’s Civic Holiday, driven by broad-based gains and lower oil prices. Crude retreated after U.S. President Donald Trump called off planned strikes on Iran in an effort to revive negotiations, easing concerns over inflation and the trajectory of interest rates.

Financials advanced, with RBC, TD Bank, BMO, CIBC, and Scotiabank each adding around 1%. Brookfield Asset Management surged more than 6% following the completion of its acquisition of Oaktree.

Higher gold and copper prices underpinned a strong rally in mining shares. Agnico Eagle gained more than 5%, Barrick rose nearly 5%, WPM advanced over 6%, and Franco-Nevada, Teck Resources, First Quantum, Lundin Mining, and other peers increased between 3% and 10%.

Shopify edged up almost 1.5% ahead of its earnings release on Wednesday.

By contrast, energy stocks weakened in response to softer crude prices, with Suncor and Canadian Natural each falling about 4%.