TSX Edges Higher as Energy Stocks Rally

The S&P/TSX Composite Index edged 0.3% higher on Thursday, supported by gains in the energy and related industrial services sectors. Oil prices surged throughout the session on reports that the US is planning new strikes against Iran, risking the recent rebound in Middle Eastern oil exports. Energy producers gained, with Canadian Natural up 3%, Cenovus adding 2.5%, Suncor rising 3.7% and Imperial Oil advancing 2.6%. Enbridge rose 1.1% and TC Energy gained 1.6%. Mining shares picked up as gold prices firmed, with Agnico Eagle rising 1.7%, Barrick up 1.8% and WPM adding 0.9%. Global yields remained elevated amid intensifying inflationary pressures from high oil and fuel prices and a hawkish US Federal Reserve backdrop. Financials posted losses, with RBC losing 0.7%, BMO down 1%, CIBC shedding 0.6% and National Bank falling 1.7%. The tech sector tracked losses on Wall Street, with Shopify down 1%.