Canada Stocks Recover Losses From Iran Conflict as Strait Opens

Canadian stocks jumped Friday and reversed all of their losses since the war in the Middle East began after Iran said the Strait of Hormuz is open to commercial ships, fueling hopes the conflict may be nearing an end.

The S&P/TSX Composite index gained 0.9% by 10:39 a.m. in Toronto, driven by a strong rally in the materials and information technology sectors. Top percentage gainers on the benchmark included Avino Silver and Gold Mines Ltd. and Novagold Resources Inc. Shopify Inc. contributed the most points to the index’s advances.