Canadian Market Up Sharply; Materials, Technology Stocks Among Major Gainers

(RTTNews) - The Canadian market's benchmark S&P/TSX Composite Index rose sharply on Tuesday, as stocks from across several sectors climbed higher on hectic buying amid reports U.S. President Donald Trump is looking to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed.

Citing administration officials, the Wall Street Journal said Trump and his aides assessed that a mission to pry open the Strait of Hormuz would push the conflict beyond his timeline of four to six weeks.

The officials told the Journal that Trump would continue to pressure Tehran diplomatically to resume the free flow of trade through the strait, failing which he would pressure allies to take the lead.

Riding on higher metal prices, materials stocks moved up sharply, lifting the Materials Capped Index up by about 4.2%. Gold futures gained about 2.1%, while silver futures surged nearly 5%.

Healthcare, technology and consumer discretionary stocks too posted impressive gains. Several stocks from financials, energy and real estate sectors rallied as well.

The S&P/TSX Composite Index, which surged to 32,511.71 earlier in the session, was up 513.73 points or 1.61% at 32,448.67 a few minutes before noon.

Ssr Mining, Novagold Resources, Equinox Gold, Torex Gold Resources, Seabridge Gold, First Majestic Silver, Lundin Mining, Silvercorp Metals, B2Gold, Intefor, Endeavour Mining and Hudbay Minerals climbed 5%-9%.

Pan American Silver, Franco-Nevada Corp., First Quantum Minerals and Teck Resources also posted handsome gains.

Docebo, Celestica, Shopify Inc., Enghouse Systems, Kinaxis, Open Text Corporation and Lightspeed Commerce moved up sharply. Goeasy, Onex Corporation, National Bank of Canada and Brookfield Corporation climbed higher.

Canopy Growth, Bausch Health Companies, Ballard Power Systems, Parex Rsources, Vermilion Energy, Tilray, Canada Goose holdings, Aritzia, Bombardier and Canfor were among the other impressive gainers.

In economic news, Data from Statistics Canada said the Canadian gross domestic product expanded by 0.2% from the previous month in February of 2026, according to a flash estimate. The expansion is set to extend the 0.1% growth rate from January, which was upwardly revised from the initial estimate of a stall.