Investors are cautiously monitoring potential breakthroughs in a Pakistan-brokered peace proposal for the Middle East. The ongoing conflict in the region is weighing on demand, as evidenced by Canada’s Composite PMI recorded at 47.6 in March.
In this context, the S&P/TSX Composite Index climbed 0.2% to close at 33,182 on Monday, reflecting a modest gain amidst a volatile market environment.
Financial heavyweights provided the primary upward momentum, with RBC advancing 0.7%, TD Bank rising 0.7%, BMO adding 0.8%, and CIBC gaining 0.9%. These gains were crucial in supporting the index’s overall performance.
However, energy producers displayed divergent performance. Canadian Natural Resources climbed 1.6%, while Imperial Oil and Enbridge fell 0.8% each, highlighting the mixed sentiment in the sector.
Mining stocks also traded with mixed results. Agnico Eagle Mines edged higher, but Barrick Gold tumbled 1.4% and Cameco dropped 1.8%, indicating a lack of consensus among investors regarding the sector’s outlook.