The S&P/TSX Composite Index edged higher to above the 33,150 on Monday as investors weighed a Pakistan-brokered US-Iran peace proposal amid ongoing regional tensions. A senior Iranian official stated that Tehran would not reopen the Strait of Hormuz as part of a temporary ceasefire and rejected deadlines while reviewing the proposal which kept global supply concerns elevated. Financial heavyweights provided support as RBC, TD Bank and BMO all advanced over 0.6%. Energy producers showed resilience despite fluctuating crude prices with Imperial Oil rising 0.7% and Suncor Energy gaining 0.6% alongside a 0.7% increase for Canadian Natural Resources. Mining stocks were mixed as Agnico Eagle and Barrick Gold fell 0.2% and 1.1%. Domestically S&P Global data showed Canada’s Composite PMI recorded 47.6 in March remaining in contraction for a fifth straight month as the Middle East conflict weighed on demand.
