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You are at:Home»Business»TSX Surges Through to Close
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TSX Surges Through to Close

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Equities in Toronto maintained their upward momentum Thursday, powered largely by industrial and telecom shares, as investors kept their steady nerve despite the tariff hubbub south of the border.

The TSX Composite Index gained 109.98 points to close Thursday at 27,082.30

The Canadian dollar collected 0.12 cents at 73.19 cents U.S.

In company news, Bloomberg News reported Canada Goose’s private equity backer, Bain Capital, is considering a sale of its stake in the luxury brand. Canada Goose shares gained 62 cents, or 3.5%, to $18.34.

Consumer discretionary stocks were helped by a rise of 28 cents in auto parts manufacturer Magna International’s shares to $58.06.

Industrial stocks soared as Air Canada rose 83 cents, or 3.7% to $23.28

Electronics firm Celestica was down $3.37, or 1.5%, to $216.94, while software company Lightspeed Commerce declined 22 cents, or 1.4%, to $16.03.

Canada is seeking to finalize a free trade deal with Southeast Asian nations as part of an attempt to expand into new markets, Foreign Minister Anita Anand said, as a response to the hefty tariffs imposed by the U.S.

President Donald Trump on Wednesday announced a new 50% tariff on copper, set to go into effect on August 1, and threatened to slap 50% levies on exports from Brazil.

Trump also issued new tariff letters to seven minor trading partners, adding to the 14 others issued earlier in the week.

Canada, which aims to reach a trade deal with Washington by July 21, could impose counter-duties on the U.S. if no agreement is reached.

ON BAYSTREET

The TSX Venture Exchange gained 15.91 points, or 2.1%, to 773.44

All but three of the 12 TSX subgroups were higher, with industrials ahead 0.9%, while real-estate and telecoms each up 0.6%.

The three laggards were energy, dropping 0.5%, while consumer staples lost 0.4% and materials inched back 0.02%.

ON WALLSTREET

The Dow Jones Industrial Average rose on Thursday as traders shook off the tariff tumult.

The 30-stock index popped 192.34 points to adjourn Thursday at 44,650.64.

The S&P 500 gained 17.2 points to 6,280.46, and hit an all-time intraday high.

The NASDAQ Composite pulled ahead 19.33 points to 20,630.67.

Shares of Estée Lauder were trading $5.49, or 6.3%. higher on Thursday to $92.10, after Bank of America reinstated coverage of the stock at a buy rating.

Tesla should see a bump in deliveries in the coming quarters, but still has challenges ahead, according to Wells Fargo. Tesla climbed $13.99, or 4.7%, to $309.87.

The moves came after President Donald Trump said late Wednesday that a 50% U.S. tariff on imported copper will take effect Aug. 1.

Trump also announced a 50% tariff on Brazil partly in retaliation for the current trial against former Brazilian President Jair Bolsonaro for his role in an alleged attempt to overturn the country’s 2022 election results.

The move was also due to the “very unfair trade relationship” with Brazil, Trump added, saying it has been “far from Reciprocal.”

Brazilian President Luiz Inacio Lula da Silva later said that the country would respond to the 50% levy in accordance with its economic reciprocity law.

Prior to the president’s announcement of levies on Brazil, he sent letters that dictated new U.S. rates on the imports of at least seven additional countries. He had also sent letters laying out new rates earlier this week to the leaders of 14 other countries, such as Japan and South Korea. The duties are set to take effect Aug. 1.

Prices for the 10-year treasury fell, raising yields to 4.35% from Wednesday’s 4.34%. Treasury prices and yields move in opposite directions.

Oil prices slid $1.51 to $66.87 U.S. a barrel.

Gold prices gained $13.00 at $3,334 U.S. an ounce.



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