TSX opens higher following Strait of Hormuz reopening
The TSX rose 0.4 percent Friday morning. Iran opening the Strait of Hormuz boosted risk appetite, offsetting losses in the energy sector from lower oil prices.
The primary stock market in Canada opened higher on Friday, as investor sentiment was bolstered by news that Iran has kept the Strait of Hormuz open. This development significantly improved risk appetite, offsetting a decline in energy shares that were pressured by falling oil prices.
At 09:30 a.m. ET, the Toronto Stock Exchange's S&P/TSX Composite Index rose 0.4% to 34,213.26 points. While the energy sector struggled due to price drops in benchmarks such as Brent Crude Oil and West Texas Oil, the broader market responded positively to the easing of geopolitical tensions in the Middle East.
