Toronto Stocks Retrace Some Lost Ground as Markets Stabilize

By Robb M. Stewart

Shares on Canada's main exchange recovered some of the ground lost in this week's heavy selloff following attacks on Iran by the U.S. and Israel.

Just before midday, the Toronto Stock Exchange's S&P/TSX Composite Index was 0.6% higher, at 33971.66. The advance narrows the decline so far this week to 1.1%.

Mining and finance stocks led gains, countering weakness in the industrial-services and retail-trade sectors.

The blue-chip S&P/TSX 60 was ahead 0.5%, at 1960.66.

Gold miners rebounded after the price of the precious metal recovered from the previous trading session's sharp pullback, boosted by safe-haven demand and as the U.S. dollar slipped. Barrick Mining was up 1.2%, B2Gold gained 1.2% and Kinross Gold advanced 1.3%

Oil prices stabilized after U.S. Treasury Secretary Scott Bessent said the U.S. would discuss offering insurance and military escorts to ships to help ease the flow of oil in the Middle East, where thousands of vessels are stuck waiting in ports. ARC Resources was 1.2% lower, Canadian Natural Resources lost 0.6%, and Gibson Energy shed 0.9%

George Weston was among the top losers for the day, declining 3.9% after its fourth-quarter profit fell and adjusted per-share earnings for the parent of grocery chain Loblaw missed analyst expectations.

Other market movers:

SSR Mining's shares climbed 12%, to 44.10 Canadian dollars (US$32.24), after the miner struck a US$1.5 billion deal to sell its controlling stake in the Copler mine in Turkey, which will shift its focus to the recently acquired Cripple Creek & Victor mine in Colorado.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

03-04-26 1218ET