TSX hits near 6-week low as trade tensions rise

Table of Content


TSX ends down 0.8% at 25,128.24

Materials group loses 2.1% as gold falls

RBC shares fall 3.6% after earnings report

Nine of 10 major sectors end lower

(Updates at market close)

By Ragini Mathur and Fergal Smith

TORONTO, Feb 27 (Reuters) – Canada’s main stock index fell on Thursday to a near six-week low as escalating global trade tensions fueled risk-aversion and despite stronger-than-expected earnings from three of Canada’s big-five banks.

The S&P/TSX composite index ended down 200.12 points, or 0.8%, at 25,128.24, wiping out its gains over the previous three days and posting its lowest closing level since January 17.

For the month, the TSX was headed for a decline of 1.6%.

“Markets are going to be in very uncertain territory for some time here,” said Michael Sprung, president at Sprung Investment Management.

“The main thing causing confusion is the worry over tariffs, particularly with respect to Canada and Mexico, but now also with the threatened tariffs on the European Union as well.”

U.S. President Donald Trump said that his proposed 25% tariffs on Mexican and Canadian goods will go into effect on March 4 and threatened an extra 10% duty on Chinese imports because deadly drugs are still pouring into the U.S. from those countries.

On Wednesday, Trump floated a 25% “reciprocal” tariff on European cars and other goods.

The materials group, which includes fertilizer companies and metal mining shares, lost 2.1% as a stronger U.S. dollar weighed on gold prices.

Royal Bank of Canada, TD Bank and Canadian Imperial Bank of Commerce reported quarterly profit that beat analyst expectations. Shares of heavily weighted RBC fell 3.6%, TD was up 0.7% and CIBC ended 0.4% lower.

The financials sector fell 0.7% and technology ended 1.2% lower.

Energy was the only one of ten major sectors to end higher, adding 0.1%, as the price of oil settled up 2.5% at $70.35 a barrel on supply concerns.

Shares of Veren Inc rose 9.4% after the oil producer reported better-than-expected quarterly results.

Superior Plus shares ended 11.5% higher. The utilities provider exceeded quarterly revenue estimates. (Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Shreya Biswas and Daniel Wallis)

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Business NewsMarketsStock MarketsTSX hits near 6-week low as trade tensions rise

MoreLess



Source link

AIMPWA

mmkrishnandasu@gmail.com http://msmenews.sbs

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent News

Trending News

Editor's Picks

Budget 2025 Key Announcements: New tax bill, income tax slab, ITR extension, more from FM Nirmala Sitharaman. Full list

Budget 2025 Key Announcements: Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 in the Parliament on February 1. This was her record eighth budget presented under Prime Minister Narendra Modi-led government’s third term i.e. Modi 3.0. In her speech, Sitharaman said the Budget aims at “transformative reforms” in six key areas — financial sector,...

ALL INDIA MSMES PROMOTION AND WELFARE ASSOCIATION

Quick Links

Popular Categories

Must Read

AIMPWA © 2025- All Right Reserved. Designed and Developed by  growGX.com