Canadian Stocks Edge Higher As Optimism Rises Ahead Of U.S.-Iran Peace Talks

After opening above yesterday’s close, today the benchmark S&P/TSX Composite Index traded positive throughout the session before settling at 33,695.76, up by 218.05 points (or 0.65%).

Eight of the 11 sectors posted gains today, with the materials sector leading the pack.

Investors are focused on the developments in the upcoming meeting between the U.S. and Iran scheduled to begin tomorrow in Islamabad, Pakistan.

Late Tuesday, U.S. President Donald Trump announced a ceasefire on all the U.S. attacks against Iran for two weeks.

Trump stressed that all U.S. forces would remain near Iran and insisted that Iran should immediately reopen the Strait of Hormuz and never attempt to build nuclear weapons again.

As a part of the ceasefire plan, a high-level delegation led by U.S. Vice President JD Vance is scheduled to begin discussions with their counterparts from Iran tomorrow.

Prior to departure, Vance stated that he was optimistic about a positive outcome. However, he stressed U.S. readiness for constructive talks but warned Iran against attempting to “play” the U.S.

Quoting a source, Iran’s Tasnim News Agency reported that neither Foreign Minister Abbas Araghchi nor its Parliament Speaker Mohammad Bagher Ghalibaf have departed for the meeting.

Iran is frustrated after Israel refused to include Lebanon in the two-week ceasefire and conducted a targeted attack leaving around 300 dead.

As per agreement, Iran is yet to fully open the Strait of Hormuz.

Reports indicated that Iran is planning to collect toll from ships passing through the strait to which Trump expressed his displeasure.

Trump stated that the U.S. is considering managing the strait as a “joint venture” to ensure smooth and secure sea traffic for all tankers.

Currently, Iran allows only 15 ships per day to cross the strait. Those vessels have to fulfill Iran’s specifications and receive endorsement. Iran’s Islamic Revolutionary Guards Corps would be managing the operations.

Iran supplied a new navigational guidance map to seafarers to help them avoid sea mines implanted by Iran during the month-long war.

Iran’s incumbent Supreme Leader Mojtaba Khamenei stated that the management of the strait would not return again to pre-war levels.

Ship owners are reluctant to allow their fleet through the strait as confusion has yet to subside.

Iran’s stranglehold on the Strait of Hormuz despite Trump’s pushing for freeing it up through several messages has renewed supply-related concerns.

WTI Crude Oil for May month delivery was last seen trading down by $1.15 (or 1.18%) at $96.72 per barrel.

Data released by Statistics Canada today revealed that the unemployment rate in Canada hovered around 6.7% in March, slightly below the expected 6.8%. The score is largely unchanged from the prior month.

Employment in Canada edged up by 14,000 jobs (or 0.10%) in March, following a cumulative decline of 109,000 jobs (or 0.50%) over the first two months of this year. The forecasts indicated a nearly 15,000 rise.

Despite the modest increase, this is the first job gain in 2026.

The Bank of Canada’s next interest rate announcement is on April 29. Given the ongoing gulf situation, money markets are not betting on a policy rate change in the upcoming meeting.

Major sectors that gained in today’s trading were Materials (1.83%), Energy (1.49%), IT (1.12%), Real Estate (0.77%), and Utilities (0.66%).

Among the individual stocks, Celestica Inc (7.33%), Abrasilver Resource Corp (5.83%), Lundin Gold Inc (4.91%), 5N Plus Inc (4.17%), Parex Resources Inc (6.01%), and International Petroleum Corporation (4.24%) were the prominent gainers.

Major sectors that lost in today’s trading were Industrials (0.23%), Consumer Staples (0.65%), and Communication Services (1.54%).

Among the individual stocks, Gfl Environmental Inc (3.07%), Boyd Group Services Inc (2.11%), Metro Inc (1.30%), and Cogeco Communications Inc (7.95%) were the notable losers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.