June 16 (Reuters) - Canada's main stock index closed up on Monday, led by information technology stocks, with investors shaking off concerns around escalating Middle East tensions and instead focusing on the Group of Seven summit.

The S&P/TSX composite index (.GSPTSE) , opens new tab closed up 0.24% at 26,568.61. The commodity-heavy benchmark index fell 0.4% on Friday after a record-setting run last week, buoyed by rising commodity prices, lower-than-expected U.S. inflation data and optimism around the U.S.-China trade deal.

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Shortly after the open, the exchange touched an all-time high of 26,670.69 points.

On TSX, the information and technology sector (.SPTTTK) , opens new tab was the top performer, closing up 1.36%, as the shares rebounded from Friday's sharp losses.

Consumer discretionary <.GSPTTCD> closed up 0.3% and the heavy-weight financials (.SPTTFS) , opens new tab also gained ground, closing up 0.72%.

On the downside, the energy sector (.SPTTEN) , opens new tab fell the most, closing down 0.5%, tracking oil prices.

Metal mining (.GSPTTMT) , opens new tab shares also fell 0.04% as gold prices also slipped after hitting nearly an eight-week high.

Among top gainers, uranium miner Denison Mines Corp (DML.TO) , opens new tab gained 12%, Ivanhoe Mines (IVN.TO) , opens new tab 8.6% and Algoma Steel (ASTL.TO) , opens new tab 6.89%, which made these stocks the three top performers of Monday's trade.

Market optimism following a G7 draft statement on stability diminished after President Donald Trumpsaid it was a mistake to remove Russia from the group over a decade ago.

The discussions are also expected to center on advancing trade deals, with investors closely watching prospects of Canada moving closer to a trade agreement with the U.S.

Meanwhile, geopolitical tensions continued to dominate headlines as the conflict between Israel and Iran showed no signs of cooling, but oil prices edged lower after a 7% surge on Friday.

"Investors are starting to price in that the conflict in the Middle East will be contained," said Ian Chong, portfolio manager at First Avenue Investment Counsel.

This week's Fed monetary policy decision presents the next major challenge for markets. While the U.S. central bank is widely expected to keep interest rates unchanged on Wednesday, investors will watch for hints about potential rate cuts in the coming months.

"(The) Fed will probably be on hold, especially with the Middle Eastern tension potentially driving oil prices higher, which is inflationary and I don't think the rhetoric will necessarily change coming out of the Fed," Chong added.

https://www.reuters.com/markets/europe/tsx-futures-rebound-focus-shifts-g7-us-fed-meeting-2025-06-16/