Canada’s main stock index inched up on Wednesday, buoyed by real estate shares, with investors on the lookout for trade and tariff updates.
Toronto’s S&P/TSX index advanced 0.1% to 26,938.86 points, after falling for two straight days.
U.S. President Donald Trump on Tuesday announced steep copper tariffs and threatened to slap levies on semiconductors and pharmaceuticals, broadening the trade war that has affected markets worldwide.
Trump also postponed the deadline for tariff deals to August 1.
Meanwhile, domestic government data showed that Canadian companies have boosted trade with other allies, including smaller markets, in a bid to minimize economic damage from U.S. tariffs.
The announcements related to trade negotiations will continue to “cause movements in the market in the short term,” said Verecan Capital Management CEO and portfolio manager Colin White.
“The information that’s going to come up this month with regards to jobs will be very instructive on what we can hope to expect over the next couple of months.”
Investors will closely assess key Canadian jobs data, due on Friday, to gauge how the economy is holding up under tariff-related pressures.
Technology shares rose 0.4% on Wednesday, while healthcare shares added 0.7%.
Real estate stocks gained 0.5%, with H&R rising 4.7% after the Globe and Mail reported that asset manager Blackstone and U.S. equity funds were in talks to buy the company’s assets.
Conversely, energy shares fell 0.4%, while mining shares were flat.
Copper prices dipped. Miners Ero Copper and Capstone Copper declined 6.2% and 2.5%, respectively.
EQB rose 1.6% after the lender said former finance head Chadwick Westlake will return as its CEO, just months after he left to become the chief financial officer at software firm OpenText. Shares of OpenText fell 4.8%.
American Dollar Exchange Rate