TSX Edges Higher on Mining Gains

The S&P/TSX Composite Index edged 0.3% higher to close at 36,714 on Monday despite the collapse of trade talks between the US and Canada. Canadian Prime Minister Carney said he would match US tariffs after the US imposed 50% tariffs on selected Canadian goods on Saturday. The new duties include furniture, plastics, plywood and electrical equipment, adding to existing tariffs on steel, lumber and autos. Manufacturers traded lower, with Magna International tumbling 6.6%, BRP down 6% and Linamar slumping 8.6%. Still, equities rose as higher gold prices supported mining shares, with Agnico Eagle adding 1.1%, Barrick rising 1.6% and WPM gaining 2.2%.

The S&P/TSX Composite Index edged lower to trade around the 36,500 mark on Monday after trade talks between the US and Canada collapsed. Canadian Prime Minister Carney said he would match US tariffs after the US imposed 50% tariffs on selected Canadian goods on Saturday. The new duties include furniture, plastics, plywood and electrical equipment, adding to existing tariffs on steel, lumber and autos. Manufacturers traded lower, with Magna International losing nearly 4% and both BRP and Linamar down nearly 1.5%. Meanwhile, financials traded mostly lower amid uncertainty surrounding imminent US sanctions against Iran. The measures could further restrict Iranian oil flows and push oil prices higher, creating renewed inflationary pressures. RBC, TD Bank and other major banks shed nearly 1% ahead of earnings reports this week. Losses were partially offset by gains in mining shares as gold prices rose. Agnico Eagle, Barrick and WPM added about 2%.

Futures tracking Canada’s stock market edged higher on Monday even though trade talks between the US and Canada collapsed. Canadian Prime Minister Carny stated he would match US tariffs after the US imposed 50% tariffs on selected Canadian goods on Saturday . The new duties include furniture, plastics, plywood and electrical equipment, adding to existing tariffs on steel, lumber and autos. Still, equities rose as gold prices rose lent support to mining shares, which were set to extend a recent rally. Meanwhile, oil prices slipped as investors took profits after a sharp weekly rally, offering some respite to financials and broader markets that have been under pressure from energy-driven inflation concerns.