TSX Ends On Strong Note Despite Tariff Threats

(RTTNews) - Despite U.S. President Donald Trump's fresh tariff threats, the Canadian market stayed positive on Monday and closed on a strong note, as higher commodity prices and expectations of more monetary easing by a few central banks helped underpin sentiment.

Trump said over the weekend that he would announce new 25% tariffs on all steel and aluminium imports, raising fears of a brewing global trade war and its potential impact on the global economy.

Canada is among the largest sources of U.S. steel imports, and is also a major supplier of primary aluminum to the U.S.

The benchmark S&P/TSX Composite Index settled with a gain of 215.95 points or 0.85% at 25,658.86. The index scaled a low of 25,562.84 and a high of 25,720.63 intraday.

Energy and materials shares moved up sharply, lifting the Energy Capped Index and the Materials Capped Index up by over 2%. Technology and consumer discretionary stocks were the other major gainers.

MDA Space (MDA.TO) gained nearly 13% after the company announced that it has signed a definitive contract with Globalstar, Inc. (GSAT) to be the prime contractor for the satellite operator's next generation low Earth orbit (LEO) constellation. The total contract is valued at approximately $1.1 billion

Toronto-Dominion Bank (TD.TO) climbed nearly 4%. The bank has announced that it plans to sell the entire equity investment in Charles Schwab Corp. (SCHW) through a registered offering and Schwab's share repurchase.

E-L Financial Corporation (ELF.TO) and Telesat Corporation (TSAT.TO) gained 5.7% and 5.2%, respectively. Endeavour Mining (EDV.TO), Open Text Corporation (OTEX.TO) and Information Services Corporation (ISC.TO) gained 4.3 to 5.2%.

Newomont Corporation (NGT.TO), Parklans Corporation (PKI.TO), Mty Food Group (MTY.TO), Restaurant Brands International (QSR.TO), Nutrien (NTR.TO), Finning International (FTT.TO), Tourmaline Oil Corporation (TOU.TO), Kinaxis Inc (KXS.TO), Pan American Silver Corp (PAAS.TO) and Lundin Gold (LUG.TO) ended higher by 2.5 to 4%.

Bombardier Inc (BBD.B.TO) ended down 3.7%. Rogers Communications (RCI.A.TO), Chorus Aviation (CHR.TO), Air Canada (AC.TO), Alimentation Couche-Tard (ATD.TO), Sienna Senior Living (SIA.TO), iA Financial Corporation (IAG.TO), Spin Master Corp (TOY.TO), Power Corporation of Canada (POW.TO), BRP Inc (DOO.TO) and Methanex Corporation (MX.TO) were the other notable losers.