Equities in Canada’s largest centre were spared the heavy barrage faced by their American counterparts on Monday, but losses in real-estate and energy kept things below the breakeven level.
The TSX Composite Index sank 15.88 points to conclude Monday at 27,020.28.
The Canadian dollar slid 0.34 cents to 73.17 cents U.S.
U.S. President Donald Trump said on Sunday that several trade agreements were close to being finalized and other countries would be notified of higher tariff rates by July 9. Higher rates were set to take effect on August 1, a three-week postponement from the previous deadline.
Meanwhile, Canada is considering financially aiding large aluminum producers like Rio Tinto in case Washington's 50% tariff on imports of the metal persist in the medium term, the CEO of a key industry trade group said on Saturday.
In other news, Prime Minister Mark Carney told the Calgary Herald that a new oil pipeline to the British Columbia coast is very likely to be part of a list of projects considered to be of national importance to Ottawa.
Real-estate stocks proved the heaviest anchor on the market Monday, with H&R REIT units sliding 40 cents, or 3.2%, to $12.06, while units of First Capital REIT fizzled 44 cents, or 2.4%, to $18.16.
In energy stocks, Nuvista lost 51 cents, or 3.6%, to $13.80, while Enerflex sank 32 cents, or 2.9%, to $10.76.
In tech issues, Celestica floundered $7.31, or 3.4%, to $210.47, while CGI Group dipped $1.07 to $142.60.
Gold tried to even things out, with Sandstorm Gold making strides of 81 cents, or 6.2%, to $13.96, while Osisko Gold Royalties improved $1.84. or 5.2%, to $37.22.
In materials, NGEX Minerals captured 87 cents, or 5.7%, to $16.22, while shares in Orla Mining gained 71 cents, or 5.1%, to $14.52.
In the telecom sector, BCE jumped 98 cents, or 3.2%, to $31.82, while TELUS shares picked up 37 cents, or 1.7%, to $22.40.
ON BAYSTREET
The TSX Venture Exchange recovered 2.4 points to finish at 757.62.
Eight of the 12 TSX subgroups lost their mojo on the day, weighed most by real-estate, down 1.4%, energy, sputtering 0.7%, and information technology, off 0.5%.
The four gainers were led by gold, up 1.5%. materials, stronger 1.1%, and telecoms, up 0.6%.
ON WALLSTREET
Stocks sold off to start the week Monday after President Donald Trump posted letters to countries indicating new tariffs on imported goods.
The Dow Jones Industrials slumbered 422.17 points to 44,406.36.
The S&P 500 index removed 49.37 points to 6,229.98
The NASDAQ Composite stumbled 188.59 points to 20,454.76.
U.S. were closed the latter part of Thursday and all of Friday for the 4th of July long weekend.
Imports from at least seven countries will face steep tariffs beginning Aug. 1, Trump revealed in a series of Truth Social posts on Monday. Trump shared screenshots of signed form letters to the leaders of South Korea, Japan, Malaysia, Kazakhstan, South Africa, Laos and Myanmar, that dictated new tariff rates for each nation.
Shares of Toyota Motor and Honda Motor fell 4% following Trump’s posts. Nvidia was slightly lower, while Apple, Alphabet and AMD shed over 2%.
Tesla shares also put pressure on the broader market. The EV maker shed 7% after CEO Elon Musk announced his intention over the weekend to form a new political party called the “America Party.” Investors have been less than pleased with the billionaire’s foray into politics this year, which some say have damaged Tesla’s brands and sales.
President Donald Trump and Commerce Secretary Howard Lutnick were also asked on Sunday to clarify when tariffs are set to go into effect. In response, Lutnick said, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump nodded in approval.
Investors had been expecting tariff rates to go into effect this week. Trump’s initial 90-day reprieve on the April “reciprocal” tariffs for most U.S. trading partners was set to end this week.
Adding to trade worries, Trump also threatened an additional 10% tariff on countries that align with the “Anti-American policies of BRICS,” which refers to emerging market countries including Brazil, Russia, India and China. Trump did not elaborate on any specific policy of BRICS.
The announcement came as the group met in Rio de Janeiro. In recent years, the group has sought to move away from its dependence on the U.S. dollar.
Prices for the 10-year treasury were lower, raising yields to 4.39% from Wednesday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices recovered 98 cents to $67.98 U.S. a barrel.
Gold prices recovered $4.30 to $3,347.20 U.S. an ounce.
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