12:21 PM EDT, 07/29/2026 (MT Newswires) -- The S&P/TSX Composite Index was down 470 points at midday Wednesday after President Trump said Tuesday night the United States will hit Iran "hard" for an attempted surprise attack on American forces in the Middle East and Saudi Arabia joined in US strikes against several sites in eastern Iraq.

The energy sector is up 3%, boosted by higher oil prices, followed by telecommunications, up 1.5%.

Base metals and financials are the worst performers, down 3.2% and 2.5%, respectively.

Gold is down 0.7% to $4,070.50, the lowest level since last October.

In stocks, Allied Gold ( AAUC ) is 18% lower, to C$24.24, after it announced the termination of an arrangement agreement with Zijin Gold. Zijin will instead make a strategic investment of $295 million, for a 9.2% equity stake in Allied.

Intact Financial ( IFCZF ) is down 4% to C$292.64 after it reported lower Q2 earnings that were due to higher catastrophe losses in Canada and large losses mainly due commercial fires in the United Kingdom.