TSX Tumbles More Than 1% As Stocks Fall On Tariff Concerns

(RTTNews) - After posting a record close the previous day, the Canadian market opened marginally up and edged higher Friday morning, but kept losing ground as the day progressed with stocks from across several sectors reeling under selling pressure as Trump administration confirmed that it would begin imposing 25% tariffs on imports from Canada from February 1.

U.S. President Donald Trump reportedly said today that nothing can be done by Canada, Mexico and China to forestall tariffs and said that tariffs on oil and gas are likely by Feb. 18.

The benchmark S&P/TSX Composite Index ended with a loss of 275.15 points or 1.07% at 25,533.10. The index gained 0.25% in the week.

Energy, consumer discretionary, healthcare, materials and industrials shares were among the major losers.

Imperial Oil (IMO.TO) tumbled 6.6%. The company reported that fourth-quarter net income declined to C$1.23 billion or C$2.37 per share from C$1.37 billion or C$2.47 per share in the prior-year quarter. Total revenues and other income for the quarter decreased to C$12.61 billion from C$13.11 billion in the same quarter last year.

Molson Coors Canada (TPX.A.TO) plunged 9%. Finning International (FTT.TO) closed down 6.5%. Propel Holdings (PRL.TO), BRP Inc (DOO.TO), MTY Food Group (MTY.TO), Russel Metals (RUS.TO), Magna International (MG.TO) and Linamar Corporation (LNR.TO) lost 4 to 5.1%.

TFI International (TFII.TO), goeasy (GSY.TO), Rogers Communications (RCI.B.TO), Toromont Industries (TIH.TO), Bombardier Inc (BBD.B.TO), Enbridge Inc (ENB.TO) and Docebo Inc (DCBO.TO) closed down 2 to 4%.

Celestica Inc (CLS.TO) climbed more than 8%. Boralex (BLX.TO), Northland Power (NPI.TO), VersaBank (VBNK.TO), Endeavour Mining (EDV.TO) and Quebecor Inc (QBR.TO) also closed notably higher.

Data from Statistics Canada showed Canadian real gross domestic product decreased 0.2% in November. According to preliminary estimates, the economy rebounded in December and GDP likely grew 0.2%.