TSX Enjoys Triple-Digit Gains

Canada’s main stock index held onto broad-based gains on Wednesday after U.S. President Donald Trump said he would extend ?the Iran ceasefire indefinitely, even as Tehran's seizure of two ships in the Strait of Hormuz kept investors cautious.

The TSX Composite Index surged 144.9 points, though off its highs of the morning, to reach midday Wednesday at 33,953.20

The Canadian dollar inched down 0.01 cents at 73.20 cents U.S.

Shares of miners led gains on the index; Silvercorp Metals bounced 97 cents, or 6%, to $17.25, AbraSilver Resources conquered 92 cents, or 5.8%, to 16.90. Ivanhoe ?Mines rose 65 cents or 5.7%, to $12.14, tracking higher gold and silver prices.

Among other stocks, Rogers Communications rose $5.38, or 11.9%, to $50.48, after the telecom company posted first-quarter revenue ?slightly above estimates, as it ?benefited from expanding its media and sports portfolio.

Metro fell $2.96, or 3.2%, to $89.92, after the grocer said the Laval labour dispute will have an impact on the company's third-quarter results.

Iran's semi-official Tasnim news agency said the Revolutionary Guards had seized two vessels for maritime violations and escorted them to Iranian shores. It was the first time Iran has seized ships since the war began at the end of February.

ON BAYSTREET

The TSX Venture Exchange recovered 24.27 points, or 2.4%, to 1,046.88.

Seven of the 12 TSX subgroups were higher, as telecoms popped 2.7%, materials jumped 1.7%, and gold brightened 1.6%.

The five laggards were weighed most by consumer staples, down 0.8%, while financials lost 0.3%, and industrials were in the minus column 0.2%.

ON WALLSTREET

Stocks rose on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran, while upbeat earnings reports also lifted sentiment.

The Dow Jones Industrial Average rebounded 324.21 points to 49,573.59.

The S&P 500 index climbed 56.16 points to 7,120.17.

The NASDAQ hiked 314.17 points, or 1.3%, to 24,574.14.

Shortly after Tuesday’s close, Trump extended a two-week U.S. ceasefire, saying it was warranted due to Tehran’s “seriously fractured” government.

But the timeline remains dicey, after a lack of commitment from Tehran reportedly resulted in a pause in Vice President JD Vance’s trip to join peace talks. Iranian state media also reported that negotiators from Tehran said they wouldn’t appear as talks with the U.S. were a “waste of time.”

Even after Trump extended the ceasefire, Iran’s navy said Wednesday that it had seized two container ships in the Strait of Hormuz as tensions persist in the key waterway.

Aside from the ceasefire announcement, sentiment has been supported by a strong start to earnings season.

On Wednesday, Boeing shares rose $10.79, or 4.9% to $229.95, after the company reported a smaller-than-expected loss for the first quarter. GE Vernova shares jumped 10% after the company’s first-quarter revenue topped expectations.

The two are among the more than 80% of S&P 500 companies that have reported so far that have surpassed expectations.

AT&T shares were down 42 cents, or 1.6%, to $25.46, after the company posted first-quarter results that beat analyst expectations.

The telecom giant earned an adjusted 57 cents per share on revenue of $31.5 billion. Analysts polled by LSEG expected a profit of 55 cents per share on revenue of $31.25 billion.

Prices for the 10-year Treasury hiked, lowering yields to 4.29% from Tuesday’s 4.31%. Treasury prices and yields move in opposite directions.

Oil prices gained $3.24 to $93.01 U.S. a barrel.

Gold prices perked $23.60 to $4,745.90 U.S. an ounce.

NASDAQ Tops New Record Amid Ceasefire Extension