The Los Angeles Post
U.S. World Business Lifestyle
Today: March 19, 2025
Today: March 19, 2025

TSX hits near 6-week low as trade tensions rise

The facade of the original Toronto Stock Exchange building is seen in Toronto
February 27, 2025
Ragini Mathur, Fergal Smith - Reuters

By Ragini Mathur and Fergal Smith

TORONTO (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)

Related

Americas|Crime|Political|US|World

Legal showdown as Justice Department resists judge's demand for more details on deportation flights

Africa|Americas|Political|Sports

Algerian boxer Khelif says she's not intimidated by Trump and targets second Olympic gold in LA

Americas|Business|Economy|Finance|Political

Argentina IMF deal faces key vote in Congress

Americas|Business|Crime|Technology|US

Tesla booted from Vancouver International Auto Show over โ€˜safetyโ€™

Local

Local|News

Survey reveals Gen Z experiences burnout earlier

Local|Crime|News

LAPD reports drop in homicides, other crimes for 2024

Lifestyle|Local

Holi celebrations in Los Angeles this weekend

Local|Lifestyle|News|WrittenByLAPost

Los Angeles Marathon to take place Sunday

Share This

Popular

Americas|Crime|Political|US|World

Legal showdown as Justice Department resists judge's demand for more details on deportation flights

Legal showdown as Justice Department resists judge's demand for more details on deportation flights
Africa|Americas|Political|Sports

Algerian boxer Khelif says she's not intimidated by Trump and targets second Olympic gold in LA

Algerian boxer Khelif says she's not intimidated by Trump and targets second Olympic gold in LA
Americas|Business|Economy|Finance|Political

Argentina IMF deal faces key vote in Congress

Argentina IMF deal faces key vote in Congress
Americas|Business|Crime|Technology|US

Tesla booted from Vancouver International Auto Show over โ€˜safetyโ€™

Tesla booted from Vancouver International Auto Show over โ€˜safetyโ€™

Economy

Business|Economy|Environment|Europe|Technology

Thyssenkrupp can't guarantee $3.3 billion green steel site will be economical, CEO says

Thyssenkrupp can't guarantee $3.3 billion green steel site will be economical, CEO says
Asia|Business|Economy|Finance|Stock Markets|US

Stock market today: Wall Street rises ahead of Fed announcement

Stock market today: Wall Street rises ahead of Fed announcement
Americas|Business|Economy

Brazil's government maintains 2025 GDP forecast, sees higher inflation

Brazil's government maintains 2025 GDP forecast, sees higher inflation
Americas|Business|Economy|Europe|Political

Siemens CFO says political uncertainties weighing on customers decisions

Siemens CFO says political uncertainties weighing on customers decisions

Access this article for free.

Already have an account? Sign In