Canada’s main stock index climbed on Monday, boosted by gains in technology and mining sectors, as investors weighed the latest U.S. tariff developments.
The S&P/TSX Composite Index rose 0.4% to 27,124.57, marking a new intraday record high.
White House economic adviser Kevin Hassett said that trade negotiations are ongoing with the European Union, Canada, and Mexico.
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“So far, tariffs haven’t significantly hurt the economy. The level of fear we saw a few months ago hasn’t returned,” said Colin Cieszynski, portfolio manager and chief market strategist at Sia Wealth Management.
Despite ongoing talks, U.S. President Donald Trump announced a 30% tariff on most imports from the EU and Mexico starting August 1.
“Rising commodity prices have supported Canada’s resource sector and overall market performance,” Cieszynski added.
On the TSX, technology stocks rose around 1%, led by Bitfarms, which surged 5.1% as bitcoin hit a record high.
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Industrial shares were up 0.6%, driven by a 7.4% jump in Thomson Reuters, which reached a record high and led the index.
Mining stocks gained 0.8%, in line with higher gold and silver prices. Aya Gold & Silver rose 2.8%, SSR Mining gained 2.5%, and Orla Mining climbed 3.1%.
In contrast, energy shares slipped about 1%.
Meanwhile, Canadian wholesale trade edged up 0.1% in May from April, supported by increased sales in personal and household goods.
Almonty Industries began trading on the Nasdaq on Monday after a $90 million U.S. IPO, but shares of the tungsten producer dropped 13.2%.
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