TSX Reaches Near Six-Week Peak, Driven by Financial and Technology Sectors

TSX Reaches Near Six-Week High Amid Expectations of Iran-US Peace Deal

Canada's main stock index, the Toronto Stock Exchange's S&P/TSX Composite Index, rose to a near six-week high on Monday, led by financial and technology shares. The index ended up 183.48 points, or 0.5%, at 33,879.24, marking its highest closing level since March 4.

The US military began a blockade of ships leaving Iran's ports on Monday, with President Donald Trump announcing the move. In response, Tehran threatened to retaliate against the ports of its Gulf neighbors after weekend talks on ending the war broke down. Despite the tensions, investors remained optimistic about an eventual peace deal between the US and Iran.

The technology sector led the gains, rising 4.5% on Monday. This was driven in part by a 6.4% gain in the shares of application software company Constellation Software Inc. Energy shares also rose, with the price of oil settling 2.6% higher at $99.08 a barrel. Heavily weighted financials added 1.2%, with Manulife Financial Corporation's shares up 1.6% following reports that Spain's Cellnex is in talks to sell its stake in its Swiss unit to Manulife's investment management unit.

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Three of the 10 major sectors ended lower, including consumer staples, which was down 2.4%. Canadian waste management firm GFL Environmental said it would buy peer Secure Waste Infrastructure in a deal worth about C$6.4 billion ($4.63 billion), including debt. This move is part of GFL's strategy to deepen its presence in Western Canada. However, shares of GFL tumbled 10.0% on the news, while Secure Waste shares ended 5.1% higher.