Canadian Market Up Marginally In Cautious Trade
(RTTNews) - Canadian stocks are swinging between gains and losses on Tuesday as investors make cautious moves, monitoring the developments on the tariff front, and reacting positively to the victory of Prime Minister Mark Carney's victory in the general election.
Investors are hopeful that Carney's commitment to firmly resist U.S. import duties with suitable countermeasures will help limit the negative impact Trump's policies might have on the Canadian economy.
The potential relief for auto parts suppliers in the event of the Trump administration easing tariffs on foreign parts in domestically manufactured cars, could augur well for the Canadian auto part makers.
The benchmark S&P/TSX Composite Index is up 22.88 points or 0.09% at 24,821.47 about a quarter past noon.
Healthcare, communications and consumer discretionary stocks are finding some support, while materials and energy stocks are somewhat subdued.
Nutrien is gaining 2.7% and TFI International is up nearly 3%. Kinaxis, Rogers Communications, First Quantum Minerals, Ivanhoe Mines, BCE Inc., Thomson Reuters, Lundin Gold, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Bank of Nova Scotia, Royal Bank of Canada and CGI Inc., are gaining 0.7 to 2%.
Eldorado Gold, ARC Resources, Perpetua Resources, Agnico Eagle Mines, Tenaz Energy, International Petroleum Corporation, Barrick Gold Corporation, Kinross Gold Corporation, Pan American Silver Corp., Newmont Corporation and Tourmaline Oil Corp are down 1 to 3%.
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