TSX Edges Higher as Tech Gains Offset Energy Slump

The Canadian benchmark index trended upward Tuesday morning, with the S&P/TSX Composite Index climbing 81.50 points, or 0.24%, to reach 33,960.74. The index briefly touched a more than four-week high of 34,063.36 during the session. Market sentiment was bolstered by optimistic expectations regarding potential diplomatic progress between the United States and Iran. U.S. President Donald Trump indicated a willingness to engage with Tehran, sparking hopes for a resolution to the ongoing Middle East crisis. Technology stocks led the rally, with the Information Technology Capped Index surging approximately 2.7%. Notable gainers included Celestica Inc., which rose 4.5%, followed by Constellation Software and Shopify, which climbed 3% and 2.5%, respectively. Other tech firms, including BlackBerry and Open Text Corporation, saw gains between 1% and 2%. The materials sector also saw significant strength, particularly in silver and gold equities. Americas Gold & Silver Corporation jumped 7.2%, while Aya Gold & Silver rose 6.1%. Real estate assets provided further support, with Allied Properties REIT and Granite REIT increasing by 2.5% and 2%, respectively. Conversely, the energy sector faced headwinds as weak oil prices dragged the Energy Capped Index down by 2.2%. Several firms, including Kelt Exploration and Cenovus Energy, saw declines ranging from 2.3% to 4%.