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By Fergal Smith
(Reuters) -Canada's main stock index rose on Tuesday, helped by gains for energy and technology shares, but the move was limited ahead of U.S. President Donald Trump's planned unveiling of sweeping new trade tariffs.
Toronto Stock Exchange's S&P/TSX composite index ended up 115.78 points, or 0.5%, at 25,033.28 points, adding to Monday's advance.
The White House confirmed that Trump will impose on Wednesday reciprocal tariffs on countries that impose duties on U.S. goods.
It provided no details about the size and scope of trade barriers that have businesses, consumers and investors fretting about an intensifying global trade war.
"People are just sitting on the fence at the moment," said Sadiq Adatia, chief investment officer at BMO Asset Management. "Most of that damage leading into tomorrow has occurred over the last couple of weeks."
Canadian Prime Minister Mark Carney spoke with Mexican President Claudia Sheinbaum about Canada's plan to "fight unjustified trade actions" by the United States.
The ruling Liberal Party and the opposition Conservative Party, led by Pierre Poilievre, are participating in a closely fought general election campaign.
"Whether it's Poilievre or Carney, they are both trying to make sure they are going to spur Canada's economy no matter what happens," Adatia said.
The technology sector rose 0.8%, clawing back some of its recent declines. Energy was up 0.7%, while utilities added 0.8% as long-term borrowing costs fell.
Bond yields declined after data showed that Canadian manufacturing activity contracted at a steeper rate in March.
Shares of First Quantum Minerals Ltd ended 4.9% higher after the company said it had discontinued arbitration proceedings against the Panama government.
Rogers Communications Inc shares dropped 5.9% to the lowest level since June 2012 after UBS and Scotiabank cut their target prices on the stock.
(Reporting by Fergal Smith in Toronto and Ragini Mathur and Sanchayaita Roy in Bengaluru; Editing by Sahal Muhammed and Richard Chang)
