The S&P/TSX Composite rose on Wednesday on hopes that a peace deal between the US and Iran could be reached soon, with reports suggesting both sides are close to a memorandum to end the Gulf conflict. Oil prices plunged on expectations that Middle East supply could resume, easing inflation concerns and supporting banks, with Royal Bank of Canada up over 1% and TD Bank adding +1.5%. Gold prices rose, aided by a weaker dollar and lower crude, lifting miners, as Agnico Eagle and Barrick surged around 5% and Wheaton Precious Metals advanced near 6.0%. On the earnings front, Suncor Energy and Cenovus Energy both beat expectations, the latter reporting an 83% profit jump. Still, shares of both fell about 4% amid declining oil prices. Elsewhere, Loblaw (-3.6%) posted slightly weaker-than-expected revenue, while Sun Life Financial (+1.0%) and Great-West Lifeco (+0.1%) are set to report later in the day. On the data front, the Ivey PMI rose to 57.7 in April from 49.7 in March.