12.05.202513:51:10UTC+00TSX Rises to 12-Week Highs

The S&P/TSX Composite Index experienced a noteworthy increase of more than 1%, surpassing the 25,650 mark on Monday, its highest plateau in three months. This surge was primarily driven by the recent 90-day suspension of tariffs between the US and China, revitalizing demand for commodities and risk-based assets. Following discussions in Geneva over the weekend, the US government agreed to reduce additional tariffs on Chinese imports from 145% to 30%. Concurrently, China lowered duties on US goods from 125% to 10%. This mutual agreement significantly elevated the prices of oil and industrial metals. E-commerce giant Shopify notably led the market's upward trajectory, climbing over 9%. Meanwhile, leading energy companies such as Canadian Natural, Suncor, Imperial Oil, and Cenovus saw gains ranging from 2.3% to 5.8%, fueled by the strengthening oil prices. Conversely, gold mining companies like Agnico Eagle, Wheaton Precious, Barrick Gold, and Franco-Nevada saw declines between 4.3% and 6.4% amid a drop in gold prices and the fading appeal of safe-haven investments, corresponding with the diminishing trade tensions.