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(Bloomberg) — Canadian stocks rose Friday on higher gold and oil prices, defying the swoon across major US and European indexes as traders price in the potential for a longer Iran war.
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The S&P/TSX Composite Index was up 0.3% at 12:08 p.m., with gains from oil majors Canadian Natural Resources Ltd. and Suncor Energy Inc. as well as gold miners like Barrick Mining Corp. driving the benchmark.
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Friday’s TSX rally comes as West Texas Intermediate crude climbs to near $100 a barrel with traders bracing for a longer-than-expected war in the Middle East. Gold prices jumped to more than $4,500 after President Donald Trump extended the deadline for cease-fire talks and US and Israeli jets hit more targets inside Iran.
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Gold prices had slipped at the onset of the conflict, with traders taking some profits after a historic, monthslong rally.
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Now, “gold is starting to behave more as like a safe haven for geopolitical risk,” Craig Basinger, chief market strategist at Purpose Investments, said by phone Friday. “Clearly, that’s good for the TSX.”
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Energy and materials are the second- and third-most important sectors in the Canadian stocks benchmark, together comprising a nearly 38% weighting.
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The move in the S&P/TSX Composite was a contrast to US markets, where tech-heavy indexes are dropping. The S&P 500 fell 0.9%, while the Nasdaq 100 was down 1.3% and is headed for a technical correction, meaning a 10% decline from its October peak.
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The performance of oil and gold stocks has helped the TSX outperform US benchmarks so far in 2026, with the Canadian gauge gaining about 1% and the S&P 500 falling more than 6%.
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