Materials, Energy Stocks Lift TSX

(RTTNews) - After opening weak and drifting down a bit more subsequently, Canadian stocks recovered on Friday, riding on strong gains in energy and materials sectors.

Lingering uncertainty about the status of U.S.-Iran peace talks rendered the mood weak at the start, but the market gained in strength subsequently as firm commodity prices triggered some hectic buying in materials and energy stocks.

Though U.S. President Donald Trump has extended the pause on strikes on Iran by 10 days, the undertone still remains a bit cautious amid reports the Pentagon is planning to send 10,000 more troops to the Middle East, signaling a possible escalation in tensions in the region.

West Texas Intermediate crude oil futures climbed 3% to $97.31. Gold futures surged nearly 4% to $4,547 an ounce and silver futures moved up 5.3% to 71.515 an ounce.

The benchmark S&P/TSX Composite Index, which dropped to 31,743.65 in early trades, losing about 140 points in the process, climbed to 32,104.12 before easing a bit to 32,062.55 a little before noon, but still remained firmly placed in positive territory with a gain of 175.03 points or 0.55%.

The Materials Capped index moved up nearly 4%. G Mining Ventures surged more than 10%, while Ssr Mining, Discovery Silver Corp Orla Mining, First Majestic Silver, Methanex Corp, Nova Gold Resources, Silvercorp Metals, Endeavour Silver, K92 Mining, Alamos Gold, Torex Gold, Equinox Gold and Aya Gold & Silver climbed 5.5%-9%.

The Energy Capped index moved up 2.57%. Strathcona Resources and Athabasca Oil Corp. climbed 8% and 7%, respectively. Vermilion Energy, Birchcliff Energy, Tamarack Valley Energy, Ces Energy Solutions, Headwater Exploration, Whitecap Resources, Imperial Oil and Cenovus Energy gained 3%-5.4%.

In economic news, data from Statistics Canada said Canada's wholesale trade likely rose 2.3% month-over-month in February 2026, according to advance estimates, following a 1.0% increase in January. This expansion would mark the highest gain since April 2024.