(Updates with morning prices)
By Sukriti Gupta and Twesha Dikshit
June 23 (Reuters) - Canada's commodity-heavy main stock
index rose on Monday as mining shares tracked higher metal
prices, fueled by concerns of escalating Middle East tensions
after the U.S. joined Israel in striking Iran's nuclear
facilities over the weekend.
The S&P/TSX Composite Index advanced 0.5% at
26,622.99 points.
Investors globally awaited Tehran's response to the U.S.
strike. Iran had threatened to retaliate and called U.S.
President Donald Trump a "gambler" for joining Israel's military
campaign against the Islamic Republic.
Canadian Prime Minister Mark Carney said on Monday that he
spoke with Trump about trade negotiations between the two
countries and the Middle East conflict.
"The market reaction to the price of oil indicates there's a
sense that this is a one-time deal," said Lorne Steinberg,
co-president and portfolio manager at Lorne Steinberg Wealth
Management.
In Toronto, the energy sector lost 0.5%, tracking
a fall in oil prices.
Trump on Monday expressed a desire to see oil prices kept
down amid fears that ongoing fighting in the Middle East could
cause them to spike. Oil prices had hit a five-month high
earlier in the session.
On the flip side, mining stocks rose 1.7% after
gold prices increased slightly. Most other base metals
also gained as escalating Iran-Israel tensions outweighed
pressure from a stronger dollar.
Information and technology rose 0.5%.
Among individual stocks, First Quantum Minerals ( FQVLF ) said
it had temporarily suspended operations in the area of an
accident at the Trident project in Zambia which resulted in the
death of an employee.