Canadian stocks edged higher on Tuesday, extending three consecutive sessions of gains, as markets continued to carry the optimism from Sunday's announcement on an initial U.S.-Iran deal to end their conflict, which is scheduled to be signed on Friday.
After opening higher than yesterday's close, today the benchmark S&P/TSX Composite Index lost momentum early in the session but regained ground and traded positive throughout the rest of the session before settling at 35,389.58, up by 113.94 points (or 0.32%).
Notably, the index hit a new intraday record high of 35,456.79 during today's trading session.
Four of the 11 sectors posted gains today, with the materials sector leading the pack.
On Sunday, U.S. President Donald Trump announced through Truth Social that a deal with Iran had been completed. Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed Trump's message.
The deal allows both nations a 60-day period of ceasefire during which contentious issues are to be negotiated to arrive at a solution.
Trump added that the Strait of Hormuz, which has been shut by Iran since the beginning of the war between U.S.-Israeli forces and Iran, will be reopened soon after the signing of the agreement.
In addition, Trump revoked the blockade orders he had earlier enforced on all ships entering or exiting Iranian ports.
Since this new Memorandum of Understanding would lead to the resumption of oil traffic via the Strait of Hormuz, market participants cheered the development. With supply concerns diminishing, crude oil prices nosedived and stock markets moved briskly higher.
Traders are awaiting to see the full text of the agreement to be released after the signing ceremony in Switzerland on Friday (likely at Burgenstock resort) to gain gather further insights.
On the domestic front, the review date for the Canada-United States-Mexico Agreement (or CUSMA) is a couple of weeks away. A renewal window begins on July 1 for the three nations to discuss critical issues and renew the pact for another 16 years.
As of now, this pact that was signed during Trump's first term facilitates Canadian exporters to bypass the exorbitant tariffs imposed last year by Trump on Canada's exports to the U.S.
Panic engulfed investors when Trump recently stated that he was not keen on renewing the deal. Negotiations between Canada and the U.S. are underway.
Easing tariff-related anxiety, Canada's ambassador to the U.S. Mark Wiseman stated that it is all going to be okay.
Recently, the U.S. government listed Canada as a trading partner that failed to effectively ban importing goods with forced labor and planned to add a 10% tariff on Canadian imports.
Today, aligning with international standards to eradicate forced labor, the Canadian government announced launching new proposed legislation to strengthen its ban on imports of goods produced with forced labor.
Along with the developments in Middle East and CUSMA negotiations, investors are also awaiting tomorrow's interest rate announcement by the U.S. Federal Reserve.
Under the new Fed Chair Kevin Warsh, the two-day monetary policy meeting began today.
Major sectors that gained in today's trading were Materials (2.15%), Financials (0.83%), Industrials (0.31%), and Healthcare (0.31%).
Among the individual stocks, Ssr Mining Inc (10.21%), Discovery Silver Corp (5.42%), Centerra Gold Inc (4.30%), Lundin Gold Inc (3.86%), and Intact Financial Corporation (2.19%) were the prominent gainers.
Major sectors that lost in today's trading were Utilities (0.54%), Communication Services (0.67%), IT (1.32%), Energy (1.97%), and Consumer Discretionary (2.98%).
Among the individual stocks, Gildan Activewear Inc (18.75%), Terravest Industries Inc (7.10%), Baytex Energy Corp (3.59%), Ces Energy Solutions Corp (3.54%), and Aritzia Inc (3.28%) were the notable losers.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.