Canadian Market Down In Negative Territory On Tariff Concerns

(RTTNews) - Canadian stocks are turning in a mixed performance on Thursday with investors reacting to quarterly earnings updates, and U.S. President Donald Trump's tariff threats.

The U.S. President threatened to slap 25% tariff on imports from the European Union.

Trump also indicated that the effective date of the levies on imports from Mexico and Canada could be pushed back from March 4th to April 2nd, the same day he purportedly plans to announce reciprocal tariffs on other U.S. trade partners.

Energy, healthcare and technology stocks are among the notable gainers. Materials shares are weak, while real estate, financials, consumer discretionary and industrials stocks are mixed.

The benchmark S&P/TSX Composite Index was down 94.57 points or 0.37% at 25,233.79 a little while ago.

Royal Bank of Canada (RY.TO) is down 2.5%. The bank reported net income of C$5.011 billion or C$3.54 per share for the first quarter, higher than C$3.522 billion or C$2.50 per share in the same quarter a year ago, mainly helped by increase in revenue.

Canadian Imperial Bank of Commerce (CM.TO) reported adjusted net income of $2,179 million, or $2.20 per share, for the first-quarter of 2025, compared to $1,770 million, or $1.81 per share in the year-ago quarter. The stock is down marginally.

Toronto-Dominion Bank (TD.TO) is modestly higher. The bank reported adjusted net income of $3632 million, or $2.02 per share, for the first-quarter of fiscal year 2025, compared to $3,637 million, or $2.00 per share, in the year-ago quarer.

Superior Plus Corp is soaring 13%, and Veren is surging 10.5%. Kinaxis is up 5.5%, whle Boyd Group, First Quantum Minerals, Baytex Energy, Restaurant Brands International, iA Financial and CES Energy are gaining 2 to 4.3%.

Stella-Jones, Whitecap Resources, Franco-Nevada, Prairiesky Royalty, Advantage Oil & Gas, Northland Power, Colliers International, MEG Energy, Thomson Reuters, Athabasca Oil, Methanex, Suncor Energy and Precision Drilling are also notably higher.

Aya Gold & Silver is down nearly 6%. Fortuna Mining, B2Gold Corp, First Majestic Silver, Ero Copper, Stantec, Iamgold Corp, MAG Silver Corp, Eldorado Gold, Bombardier Inc., TransAlta Corp, K92 Mining Corp, Hudbay Minerals and Kinross Gold are down 3 to 5.4%.

Data from Statistics Canada showed Canada's current account deficit widened to C$ 5.0 billion in Q4 2024, up from an upwardly revised C$ 3.6 billion in Q3.

Another report from Statistics Canada said average weekly earnings of non-farm payroll employees in Canada rose by 5.8% year-on-year to $1,290.82 in December 2024, the most since March 2021, following a 5.0% year-over-year increase in November.