Canada’s main stock index was flat in choppy trading on Wednesday as investors assessed weak domestic and U.S. economic data, while tracking signs of any progress on trade talks ahead of President Donald Trump’s July 9 tariff deadline.
The S&P/TSX composite index was flat at 26877.26 points, after markets resumed trading following the Canada Day holiday.
Data showed Canada’s manufacturing sector fell sharply in June, with U.S. tariffs affecting demand and leading to the biggest output cut in five years.
Trump said on Tuesday he was not considering extending the deadline for countries to negotiate trade deals with the U.S.
Canada aims to lift all tariffs as part of a deal with the U.S., Ottawa’s Washington Ambassador told The Globe and Mail.
“There are concerns as we are still in negotiations and Mr. Trump is still in a fairly bellicose mood via his friends and trading partners…but we have climbed that wall of anxiety or stress with our resources and our financial institutions,” Caldwell Securities Chairman Thomas Caldwell said.
On the TSX, healthcare stocks rose 1.6%, while mining shares advanced 1.2%, tracking a rise in copper prices.
Hudbay Minerals and Capstone Copper gained 3.2% and 5.7%, respectively.
Communication stocks rose 1.5%, with Rogers Communications adding 3.6% after BMO raised its price target.
Conversely, technology stocks were the biggest laggards, falling 1.1%. BlackBerry shares fell 6.9% to the bottom of the index.
Among individual stocks, Bombardier rose 14.6% to the top of the index after the company said on Monday it had secured an order for 50 Challenger and Global aircraft in a $1.7 billion deal including a service agreement.
MDA Space was up 4.2% after it completed the acquisition of SatixFy Communications.
First Quantum rose 5.8% after Barclays raised its price target.
Meanwhile, U.S. data showed private payrolls unexpectedly fell in June, with job gains being smaller than estimated during the month.
Comments
Comments are closed for this article.