TSX Sheds Nearly 1% On Tariff Jitters

RTTNews | 14h 4min ago
TSX Sheds Nearly 1% On Tariff Jitters

(RTTNews) - The Canadian market ended notably lower on Thursday, with its benchmark S&P/TSX Composite Index falling to a four-and-a-half-month low, as rising concerns about global economic growth due to the trade war triggered heavy selling at several counters from across various sectors.

After U.S. President Donald Trump slapped new tariffs on steel and aluminum exported by Canada into the U.S., the Canadian government announced retaliatory tariffs on $29.8 billion of U.S. goods.

Today, U.S. President Donald Trump threatened to impose a 200% tariff on wines, champagnes and alcoholic products imported into the U.S. from France and other countries in the European Union.

Trump's threat follows the imposition of 50% tariff on American whiskey by the European Union, as a counter measure to previous levies announced by the U.S.

The S&P/TSX Composite Index closed down 220.11 points or 0.9% at 24,203.23, nearly 60 points off the day's low of 24,145.59.

Technology, healthcare, consumer discretionary and financials stocks declined sharply. Real estate, industrials and consumer staples also ended notably lower.

Vermilion Energy ended down 8.25%. Tilray, Shopify, Cargojet, goeasy, Richelieu Hardware, Gildan Activewear, Lightspeed Commerce, Toromont Industries, Brookfield, MTY Food Group, Bombardier, Baytex Energy and Celestical lost 3 to 6.5%.

Empire Company shares closed 4.5% down. Empire reported third-quarter net earnings of $146.1 million ( $0.62 per share) compared to $134.2 million ( $0.54 per share) last year.

Transat A.T. plunged 8% after reporting adjusted net loss of $75 million, or $1.90 per share, for the first quarter, compared with an adjusted net loss of $76 million, or $1.97 per share, a year earlier.

Shares of First Quantum Minerals Ltd zoomed 14.4% after Panama authorized the sale of copper concentrate at the company's shuttered Cobre Panama mine.

First Majestic Silver, Birchcliff Energy, Algoma Steel, Novagold, Orla Mining and B2Gold Corp climbed 6 to 9.3%.

New Gold, Eldorado Gold, SSR Mining, Centerra Gold, Seabridge Gold, Aya Gold & Silver, K92 Mining, Calibre Mining, Equinox Gold, Lundin Gold, Kinross Gold, Torex Gold, MAG Silver, Osisko Gold Royalties and Franco-Nevada Corp gained 2.5 to 5.2%.

Data from Statistics Canada said the total value of building permits slipped by 3.2% month-over-month to $12.8 billion in January 2025, following an upwardly revised 11.6% jump in the prior month.

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