Stocks in Toronto kept up the post-inaugural momentum Tuesday, as tech and gold plays pulled the rest of the market along.
The TSX gained 110.05 points to conclude Tuesday at 25,281.63.
The Canadian dollar descended 0.11 cents at 69.80 cents U.S.
U.S. President Trump — newly back in office — did not immediately impose tariffs on Canada and Mexico after taking office on Monday, but later said he was thinking of imposing 25% duties starting Feb. 1, citing concerns over illegal immigration and fentanyl smuggling.
Canada sends a majority of its exports south of the border, including energy products.
In corporate news, Teck Resources reported a 50% increase in its annual copper production for 2024 to 446,000 tonnes. Teck shares declined $1.11, or 1.7%, to $62.56.
Elsewhere, Bombardier fell $5.15, or 5.5%, to $89.42, giving back much of the previous day’s gains.
Tech shares led the parade, with Sylogist climbing 40 cents, or 4.7%, to $8.94, while Celestica jumped $4.99, or 3%, to $169.40.
Gold shone brightly, with Torex Gold Resources up $1.12, or 4%, to $29.28, while Centerra Gold captured 17 cents, or 2%, to $8.63.
In the consumer discretionary field, MTY Food Group made $1.33, or 2.8%, worth of headway, to $48.91, while Dollarama jumped $3.30, or 2.8%, to $137.96.
Health-care stocks, however, proved an anchor on the market, as Tilray dipped five cents, or 2.9%, to $1.68, while Bausch Health Companies let go of 19 cents, or 1.8%, to $10.68.
Energy stocks faded, too, as Athabasca Oil fell 23 cents, or 4.1%, to $5.34, while MEG Energy dipped $1.04, or 4.2%, to $24.05.
In communications, Rogers shed 70 cents, or 1.7%, to $40.56, while Cogeco Communications wilted 62 cents, or 1%, to $61.26.
Tuesday, Statistics Canada reported the Consumer Price Index rose 1.8% on a year-over-year basis in December, down from a 1.9% increase in November. On a seasonally adjusted monthly basis, the CPI rose 0.2% in December.
ON BAYSTREET
The TSX Venture Exchange lost 4.56 points to 614.17.
The 12 TSX subgroups were evenly divided by the close, with information technology shares skyrocketing 1.5%, gold soaring 1.2%, consumer discretionary stocks up 0.8%.
The half-dozen laggards were weighed most by energy and health-care, each sliding 1.4%, and communications, off 0.4%.
ON WALLSTREET
The Dow Jones Industrial Average advanced on Tuesday as Wall Street viewed President Donald Trump’s comments and first-day actions around international trade as a bit softer than initially believed.
The 30-stock index leaped 538.42 points, or 1.2%, to wind up Tuesday at 44,026.30
The S&P 500 took on 52.62 points to 6,049.28
The NASDAQ Composite jumped 126.58 points to 19,756.78.
3M climbed about 4% after earnings came in better than analysts expected.
Several big technology stocks also took a leg up, with Amazon, Nvidia and Alphabet each gaining more than 1%. But a drop of more than 3% in Apple on the back of two Wall Street downgrades weighed on the tech-heavy NASDAQ.
Trump said he was considering 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies while signing first-day executive orders in the White House Monday night. He also mentioned China, noting that the U.S. could put tariffs on the country if it doesn’t approve a TikTok deal.
In his inaugural address, the president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration. Trump also on Monday declared a national energy emergency to increase fossil fuel production.
Prices for the 10-year Treasury nicked up, dropping yields to 4.56% from Friday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices declined $1.79 to $76.09 U.S. a barrel.
Prices for gold gained $7.30 an ounce to $2,756 U.S.
Softening Tone on Tariffs Sent Equities Flying
