TSX Edges Down Marginally

(RTTNews) - The Canadian market ended down on Tuesday as trade war fears resurfaced after U.S. President-elect Donald Trump threatened that he will impose 25% tariffs on imports from Canada, Mexico and China.

However, thanks to strong buying at some counters in technology, consumer staples, financials and materials sectors, the market's loss was just marginal. Energy, real estate, consumer discretionary and industrials shares were the notable losers.

The benchmark S&P/TSX Composite Index, which fell to 25,288.46 in early trades, closed down 5.21 points or 0.02% at 25,405.14.

Bombardier Inc (BBD.B.TO) tanked more than 9%. BRP Inc (DOO.TO), Linamar Corp (LNR.TO), Winpak (WPK.TO), ATS Corporation (ATS.TO), MEG Energy Corp (MEG.TO) and Magna International (MG.TO) lost 4.7 to 6%.

Topaz Energy (TPZ.TO), Precision Drilling Corporation (PD.TO), MDA Space (MDA.TO), Rogers Communications (RCI.A.TO), Canadian Pacific Kansas City (CP.TO), Ag Growth International (AFN.TO), Tourmaline Oil Corp (TOU.TO), Keyera Corp (KEY.TO), Cogeco Communications (CCA.TO), Imperial Oil (IMO.TO) and Suncor Energy (SU.TO) closed down 2 to 4%.

Dye & Durham (DND.TO) soared nearly 11.5% after the company announced the decision of Matthew Proud to step down from his role as Chief Executive Officer.

Proud will continue in his position for approximately three months or until the board appoints his successor, the company added.

Quebecor Inc (QBR.A.TO), Brookfield Asset Management (BAM.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO), Russel Metals (RUS.TO), Franco-Nevada Corporation (FNV.TO), Celestica Inc (CLS.TO) and Metro (MRU.TO) lost 2 to 4.5%.

Calian Group Ltd. (CGY.TO) reported adjusted net profit of $11.5 million for the quarter ended September 30, 2024, compared to adjusted net profit of $12.7 million in the corresponding quarter of the previous year. The stocks ended marginally down.

Alimentation Couche-Tard Inc. (ATD.TO) gained 1.6%. The company reported net earnings of $708.8 million, or $0.75 per diluted share for the second quarter of fiscal 2025 compared with $819.2 million, or $0.85 per diluted share for the second quarter of fiscal 2024.

Data from Statistics Canada showed wholesale sales in Canada increased by 0.5% month-over-month in October 2024, following a 0.8% gain in September, according to preliminary estimates.

Donald Trump has vowed that he will impose massive hikes in tariffs on goods imported from China, Mexico and Canada immediately after taking office.

This is in response to illegal immigration and "crime and drugs" coming across the border from these countries to the United States, according to him.

"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," Trump said in a statement posted on Truth Social Monday. "This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!"

Trump added that import duty on Chinese goods will go up by 10% until Beijing takes action to stem the flow of illegal drugs into the U.S.