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Business Recorder
01-08-2025
- Business
- Business Recorder
TSX falls after Trump increases tariff on Canada
Canada's main stock index slipped on Friday as investors assessed U.S. President Donald Trump's new tariff regime that included levies on Canada and dozens of other countries. The S&P/TSX composite index was down 1.4% at 27,878.91 points, posting its biggest percentage decline in nearly four months. The index is set to snap a two-week winning streak. Trump late on Thursday signed an executive order increasing tariffs on all Canadian goods not covered by the U.S.-Mexico-Canada trade agreement to 35% from 25%. He also imposed duties ranging from 10% to 41% on imports from countries including Brazil, India and Taiwan. 'President Trump has always been for negotiation…Canada will get a deal done but at what cost that's the question,' said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. 'The good news is most of the things that we send to the U.S. fall under the USMCA. But we're hearing that Trump wants to negotiate that agreement in 2026…that will be a much greater ramification.' Healthcare stocks fell 1.7%, tracking losses in U.S. and European peers after Trump sent letters to the leaders of 17 major pharmaceutical firms, outlining how they should cut U.S. prescription drug prices to match those paid overseas. Technology shares led the broader sectoral decline with a 3.3% fall, after tech giant Amazon's results disappointed investors. Energy stocks fell 2.6%, tracking lower oil prices. Among individual stocks, Imperial Oil posted a fall in second-quarter profit, sending its shares down 1.8%. NFI Group slipped 4.6% after the bus and coach manufacturer missed second-quarter revenue estimates. Data showed that U.S. job growth slowed more than expected in July, while the prior month's data was revised sharply lower, pointing to a steep moderation in the labor market. Meanwhile, Canada's manufacturing sector contracted for a sixth straight month in July, hit by tariffs.
Mint
20-06-2025
- Business
- Mint
TSX ends largely flat for the week as market shows resilience
TSX ends down 0.03% at 26,497.57 Advance estimate shows retail sales down 1.1% in May Technology sector declines 0.5% Two sectors end higher, including financials June 20 - Canada's main stock index was barely changed on Friday, holding near its recent record high, as investors assessed developments in the Middle East conflict and domestic data that showed signs of an economic slowdown. The S&P/TSX composite index ended down 8.43 points, or 0.03%, at 26,497.57, extending its sideways pattern since notching a record closing high on June 12. For the week, the index was also down 0.03%. "The fundamental theme is one of market resilience," said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. "We have a lot of moving parts. You've got geopolitical risk, you've got trade talks, you've got central bank action - a host of elements which make it difficult to predict where we'll be in the second half of the year and yet investor sentiment is still leaning towards risk-on, still concerned about the fear of missing out rather than encountering a sudden downside." Canada's retail sales were up in April on a monthly basis but were below estimates, while advanced data showed a drop of 1.1% in May. "The advance estimate sets a somber tone for the second quarter," Maria Solovieva, an economist at TD Economics, said in a note. "In addition, our internal credit and debit card spending data shows a meaningful softening in spending through May, suggesting that consumers tightened their purse strings." The technology sector fell 0.5%, with technology consulting company CGI Inc down 2.1%. Consumer staples was also a drag, losing 0.5%. Ltd is weighing options to expand production of germanium, a strategic metal key to chipmaking, and is currently talking with governments, including Canada and the United States, on available funding, the company told Reuters. Shares of Teck were down 1.2%. Just two of the 10 major sectors ended higher but they included financials, the most heavily weighted sector. It added 0.1%. This article was generated from an automated news agency feed without modifications to text.
Mint
13-06-2025
- Business
- Mint
TSX falls as Iran-Israel tensions shake markets
* S&P/TSX composite index was down 0.42% at close * Fall was contained by rise in energy, gold stocks * Crude oil price up by 7% to $74.23 per barrel * Spot gold rose 1.6% at $3,428.10 an ounce By Ragini Mathur and Promit Mukherjee June 13 - Canada's main stock index retreated from recent highs on Friday, dragged down by investor fears of a wider conflict after an Israeli attack and Iranian retaliation rattled global markets. Investors rushed to safe-haven gold, pushing its price higher, while panic around the prospect of an all-out war triggered a spike in crude oil futures. The S&P/TSX composite index closed down 0.42% at 26,504.35 points, falling from its all-time peak seen a day ago. Iran launched hundreds of ballistic missiles toward Israel, Iranian media reported. This was in response to a strike by Israel on Iran's nuclear sites, spurring widespread tensions in a politically fragile region. Israel has warned that the strikes were the start of a prolonged operation to prevent Tehran from building nuclear weapons. Iran, which produces close to 4 million barrels of crude oil per day, has promised a harsh response. Investors on the TSX withdrew from financial, technology and industrial stocks while some poured money into energy and gold companies. "You see a sell-off after a brief pickup because of the uncertainty of what could happen over the weekend after Iran's response," Elvis Picardo, senior portfolio manager at Luft Financial, iA Private Wealth, said. The conflict could have reverberations across the globe, Picardo said, adding, with the Middle East, the fear is always of disruption to the flow of oil that has inflationary consequences across sectors and economies. The fall in the composite index on the Toronto Stock Exchange was limited by gains in energy and gold mining shares as prices of crude oil and gold climbed. Brent crude futures rose almost 7% to $74.23 a barrel. Spot gold rose 1.55% to $3,437.18 an ounce. The capped energy index rose 2.77% and helped cushion the impact of the fall of the composite index. Energy shares account for almost 17% of the total weight on the main index. Materials index, or the tracker of mining companies, rose 1.41% especially because of a rise in gold mining stocks as investors prefer to take refuge in the precious metal during times of uncertainty. Mining companies claim a weight of 12.5% in the benchmark index. The benchmark index achieved a second consecutive record high on Thursday and appears poised to secure its third straight weekly gain, provided losses remain contained.
Business Recorder
13-06-2025
- Business
- Business Recorder
TSX falls as Israel's strikes on Iran dampen risk appetite
Canada's main stock index declined on Friday, dragged down by losses in technology shares, as Israel's widescale strikes on Iran dampened global risk appetite. The S&P/TSX composite index was down 0.5% at 26,490.64 points. Israel has warned that the strikes were the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. However, U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, saying there was still time for the country to prevent further conflict with Israel. The downturn in the TSX was limited as investors shifted to safe-haven assets, boosting metal mining shares. The materials sector gained 0.6% The energy sector rose 1.7% to be the top gainer as the tensions in the Middle East sparked worries about supply disruptions, boosting crude prices. 'I don't think it's any surprise that Toronto Stock Exchange is going to hold up greater than New York, which is more based on technology or multinational corporations,' said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. 'Gold and oil make up a big chunk of our market and anything commodities-based is relatively going to do well'. The technology sector fell 1.5%, while the heavyweight financial stocks were down nearly 1%. The benchmark index achieved a second consecutive record high on Thursday and appears poised to secure its third straight weekly gain, provided losses remain contained.
Hamilton Spectator
03-06-2025
- Business
- Hamilton Spectator
U.S., Canadian markets move higher as investors shrug off tariff ‘noise'
Canada's main stock index edged up and U.S. markets climbed as investors tried to tune out the latest noise from U.S. President Donald Trump's tariff war. 'I think everybody's taking a wait-and-see approach,' said Allan Small, senior investment adviser at iA Private Wealth, referring to worldwide 'reciprocal' tariffs on pause for at least another month. 'It would be a very bad thing for the United States to reinstate these large tariffs. So I think the market is saying that's not going to happen and moving higher based on anticipating something good coming out of some trade negotiations.' The S&P/TSX composite rose 37.68 points to 26,426.64. The Canadian market has benefited recently from strength in gold — a safe haven investors tend to flee to during rocky times — as well as energy and financials, Small said. In New York, the Dow Jones industrial average was up 214.16 points at 42,519.64. The S&P 500 index was up 34.43 points at 5,970.37, while the Nasdaq composite was up 156.34 points at 19,398.96. 'It's interesting that the market is shrugging off a lot of the noise coming out of Washington with respect to the increase in steel and aluminum tariffs,' Small said. In March, Trump imposed 25 per cent tariffs on steel and aluminum imports to the United States. Trump announced his intention to double the duties at a steel plant on Friday. Canada is the largest steel supplier to the United States, accounting for nearly 25 per cent of all imports in 2023. As Canadian officials were preparing for meetings in Washington on Tuesday, White House press secretary Karoline Leavitt said Trump would sign an executive order to increase the duties to 50 per cent. U.S. markets are heavily swayed by moves in big tech stocks like Apple, Nvidia and Meta. And those stocks tend to in turn be driven largely by the latest tariff news. 'Trade's ruling the day and the one sector that seems to be heavily affected is tech,' Small said. 'As long as the U.S. is talking to China, tech seems to be doing OK.' Small said it appears the global trade war is entering a new phase centred around negotiating deals, Small added. Investors, meanwhile, are becoming immune to the almost daily back-and-forth. 'The president seems to come out swinging every time, swinging for the fences, asking for this, that and the other,' Small said. 'And then in the end he seems to pull back and it ends up being not as scary as initially thought.' North of the border, the Bank of Canada is set to announce its latest interest rate decision on Wednesday. Small said it's likely the central bank will hold off cutting rates until it can get a clearer picture of Canada's economic health, once second-quarter GDP numbers are in. 'But I think it can go either way at this point.' Statistics Canada is also set to release the May jobs report on Friday, and Small said that should provide a more current view of how well the Canadian economy is faring. The Canadian dollar closed at 72.87 cents US compared with 72.96 cents US on Monday. The July crude oil contract was up 89 cents US at US$63.41 per barrel and the July natural gas contract was up three cents US at US$3.72 per mmBTU. The August gold contract was down US$20.10 at US$3,377.10 an ounce and the July copper contract was down two cents US at US$4.83 a pound. This report by The Canadian Press was first published June 3, 2025. Companies in this story: (TSX: GSPTSE, TSX: CADUSD)
