TSX Climbs Wall Of Worry -- Canadian Commentary

(RTTNews) - Canadian stocks rose Wednesaday along with U.S. equities, as markets downplayed the war of words between the U.S. and Iran.

The TSX Composite Index was unofficially up 31 points to 15,874.06.

Energy stocks again led the way thanks to surging oil prices.

Yesterday, President Trump said he will initiate "the highest level" of new sanctions unless Iran fully complies with the spirit of its agreement to never pursue nukes.

"The so-called Iran deal was supposed to protect the United States and our allies from the lunacy of an Iranian nuclear bomb, a weapon that will only endanger the survival of the Iranian regime," the President said. "In fact, the deal allowed Iran to continue enriching uranium and over time reach the brink of a nuclear breakout."

In response, Iran's religious leader Ayatollah Ali Khamenei accused the US President of telling "more than 10 lies" during the Trump announcement speech

"You heard last night that the president of America made some silly and superficial comments," Khamenei said in a statement on his official website on Wednesday.

Iran says the U.S. tensions will not effect its oil production, but traders expect some supply interruptions from the Middle East.

WTI light sweet oil for June surged 3%, above $71 a barrel, the highest in more than 3 years.

Toronto Star owner Torstar (TSB.TO) has reported a smaller first quarter loss of 18 cents per share for the quarter ended March 31 compared with a loss of 30 cents per share for the same period a year earlier. Shares fell 3.7 percent.

Kinross Gold (K.TO) shares plunged 11 percent amid regulatory hassles in Africa.

Pipeline operator Enbridge Inc. (ENB, ENB.TO) announced it has entered into agreements with the Canada Pension Plan Investment Board (CPPIB) to monetize a 49 percent interest in select North American onshore renewable power assets, as well as 49 percent of Enbridge's interests in two German offshore wind projects through a newly created joint venture with CPPIB, for approximately C$1.75 billion.

In economic news, the value of building permits issued by Canadian municipalities increased 3.1% to $8.4 billion in March, following a 2.8% decline in February, according to Stats Canada.

The rise was mainly the result of higher construction intentions for multi-family dwellings, particularly in Quebec and British Columbia.