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Canadian Market Remains Weak As Trade Tensions Weigh
(RTTNews) - The Canadian market is down in negative territory on Wednesday, weighed down by losses in utilities, real estate, healthcare and financials stocks.
Materials stocks are turning in a fine performance thanks to higher metal prices.
The mood is cautious amid escalating trade tensions following Trump's new tariffs, including a 104% total levy on Chinese imports taking effect, and China retaliating by announcing it will increase its tariffs on U.S. goods to 84% from 34% just after midnight on Thursday.
Members of the European Union have also voted in favor of the European Commission's proposal to introduce trade countermeasures against the U.S. in response to tariffs on imports of steel and aluminum from the EU.
The benchmark S&P/TSX Composite Index was down 170.87 points or 0.76% at 22,336.03 a little past noon.
Bausch Health Companies is down 7.4%. Allied Properties, Capstone Mining, Kelt Exploration, Birchcliff Energy, Riocan REIT, NuVista Energy, Keyera Corp, Ero Copper, Enbridge, Power Corporation of Canada and Fortis are down 3 to 5.4%.
Canadian Utilities, First Quantum Minerals, Atco, Shopify Inc., Bank of Montreal, Emerca Incorporated, Cogeco Communications, Pet Valu Holdings, EQB Inc., and Arc Resources are also notably lower.
Iamgold Corporation is rising 7.7%. Eldorado Gold, Alamos Gold, Kinross Gold, Lundin Gold, First Majestic Silver, Pan American Silver Corp., Orla Mining, B2Gold Corp., Agnico Eagle Mines, Barrick Gold Corporation, SSR Mining, Torex Gold Resources, Lightspeed Commerce and Parex Resources are up 3 to 6%.
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