Rebounding from yesterday's losses, Canadian stocks climbed on Friday as market participants welcomed Iran's reopening of the Strait of Hormuz which cooled the tensions related to crude oil supply disruption ahead of the second round of U.S.-Iran peace talks.
After opening above yesterday's close, today the benchmark S&P/TSX Composite Index traded firmly positive throughout the session before settling at 34,346.29, up by 294.06 points (or 0.86%).
Eight of the 11 sectors posted gains today, with the consumer discretionary sector leading the pack.
Iran had shut the Strait of Hormuz since the U.S.-Iran war started on February 28, thereby preventing oil and energy exports from Arab nations, which pushed oil prices higher.
Last week, U.S. President Donald Trump announced a two-week ceasefire that is set to end by April 22.
Following the failure of the first round of peace talks between the U.S. and Iran, expectations of a resolution to the gulf crisis started dwindling among market participants.
Today, Iran's Foreign Minister Abbas Araghchi declared the immediate opening of the strait for all ships throughout the two-week ceasefire period.
Iran's announcement was confirmed by Trump, minutes later. However, Trump added that the blockade on Iranian ports enforced by the U.S. navy will remain in place until the U.S. completes its "transactions" with Iran completely.
Meanwhile, Axios reported that the U.S. and Iran are preparing a three-page peace plan.
Reportedly, under the proposed plan, the U.S. may release up to $20 billion in frozen Iranian funds in exchange for Iran relinquishing its enriched uranium stockpile.
Optimism is increasing on the outcome from the upcoming second round of peace talks between the U.S. and Iran in Pakistan.
With supply-related concerns off the table although for a brief period, oil prices went into a tailspin.
WTI crude oil for May month delivery last seen trading at $84.45 a barrel, down by $10.24 (or 10.81%).
Stock indices in the U.S. and Canada climbed sharply.
Gains in gold-linked shares boosted the materials sector which offset the losses in energy sector due to plummeting oil prices.
Data from the Canadian Federation of Independent Business revealed its barometer long-term index rose to 58.5 in April, following a downwardly revised sharp fall of 55.7 in March.
The short-term optimism index also recorded a modest gain, increasing by about 1 point to 55.4.
Data from the Canada Mortgage and Housing Corporation revealed that housing starts fell by 6.00% from the previous month to 235,900 in March.
On the political front, the Minister for Canada-U.S. Trade relations Dominic LeBlanc assured that his team will not be the cause for any delay in finding a resolution with the U.S. in the ongoing negotiations for renewing the Canada-United States-Mexico Agreement.
Recently, U.S. Trade Representative Jamieson Greer had stated that the issues surrounding the U.S.-Canada trade over the renewal of CUSMA pact may not be resolved by July 1, raising concerns of a seamless agreement.
Major sectors that gained in today's trading were Consumer Discretionary (2.78%), Materials (2.15%), IT (1.85%), and Financials (1.49%).
Among the individual stocks, Perpetua Resources Corp (7.21%), Magna International Inc (6.76%), Aritzia Inc (5.25%), Brp Inc (5.22%), Avino Silver and Gold Mines Ltd (7.93%), and Novagold Res Inc (7.85%) were the prominent gainers.
Major sectors that lost in today's trading were Real Estate (0.65%), Communication Services (0.27%), Utilities (0.52%), and Energy (4.79%).
Among the individual stocks, Vermilion Energy Inc (7.96%), CDN Natural Res (7.34%), Athabasca Oil Corp (6.76%), and Transalta Corporation (6.11%) were the notable losers.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.