Canadian Market Modestly Lower, Looks Headed For Another Weak Close
(RTTNews) - The Canadian market is exhibiting weakness on Friday, weighed down by losses in energy, healthcare and technology sectors. Amid renewed concerns about a global trade war, the mood in the market remains cautious.
Investors are also digesting Canadian GDP data, as well as a slew of data from the U.S., including a reading on inflation and consumer sentiment.
Trade war concerns have resurfaced after U.S. President Donald Trump accused China of violating the trade agreement reached earlier this month.
Trump said in a post on Truth Social that "everything quickly stabilized and China got back to business as usual" following the trade deal.
"Everybody was happy! That is the good news!!!" Trump said. "The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!"
Trump's claim comes after Treasury Secretary Bessent said in a Fox News interview on Thursday that U.S.-China trade talks "are a bit stalled."
The benchmark S&P/TSX Composite Index was down 83.61 points or 0.32% at 26,126.95 nearly half an hour past noon.
Canopy Growth Corporation is tanking more than 20%. Canopy reported a net loss of C$221.5 million, or C$1.43 per share, for the quarter ended March 31, compared with a loss of C$1.03 per share a year earlier. Quarterly revenue declined to C$78 million from C$83.2 million a year ago.
Celestica Inc., ATS Crporation, Methanex Corporation, MEG Energy Corp. and Teck Resources are declining 2 to 4%.
Cameco Corporation, Canadian Natural Resources, Gildan Activewear, Shopify, Tecsys, Agnico Eagle Mines, Imperial Oil and Ag Growth International are also notably lower.
BRP Inc. shares are rising nearly 8%. Laurentian Bank of Commerce is up 7.5%, while Stella-Jones, Lundin Gold, ATCO, Quebecor, Power Corporation of Canada, Pet Valu Holdings and RB Global are up 1 to 3%.
Data from Statistics Canada showed the Canadian GDP expanded by 0.5% from the previous quarter in the first three months of 2025, maintaining the revised 0.5% growth rate from the earlier period.
The Canadian economy likely expanded 0.1% in April 2025, the same as in March, preliminary estimates showed.
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