Trump Tariffs Weigh on Canadian Stocks as Loonie Falls on GDP
(Bloomberg) -- Canadian stocks retreated after U.S. President Donald Trump imposed tariffs on Canadian steel and aluminum imports, while the loonie weakened as GDP grew at the slowest pace in almost two years.
The S&P/TSX Composite Index lost 21 points or 0.1 percent to 16,027.45 at 9:52 a.m. in Toronto, the benchmark’s seventh decline in eight sessions. Energy shares fell 0.4 percent as crude prices headed for their first monthly drop since February.
Shares of Stelco Holdings Inc., Canada’s only publicly traded steel producer, fell 1.3 percent to the lowest in four weeks following Trump’s tariff announcement.
In other moves:
- BRP Inc. rose 7.6 percent to a record high after first-quarter earnings beat the highest estimate and its full-year forecast came in ahead of expectations
- Superior Plus Corp. lost 5.8 percent, the most since 2016. The company is buying NGL Energy Partners LP’s propane unit for $900 million
- Descartes Systems Group Inc. fell 5.1 percent. The stock was cut to hold at Laurentian Bank Securities after reporting first-quarter results
- Western Canada Select crude oil traded at a $24.00 discount to WTI
- Aeco natural gas traded at a $1.49 discount to Henry Hub
- Gold was little changed at $1,306.60 an ounce
- The Canadian dollar weakened 0.7 percent to C$1.2965 per U.S. dollar
- The Canada 10-year government bond yield fell four basis points to 2.23 percent
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