Canadian Market Set To End On Weak Note

(RTTNews) - Despite recovering a substantial portion of lost ground, the Canadian market remains deep down in negative territory on Tuesday, and with less than an hour to go for the closing bell, looks set to end the session on a weak note.

The mood is bearish due to concerns about the impact of new tariffs by the U.S. on Canada, Mexico and China, and the retaliatory moves by Canada and China.

U.S. President Donald Trump's threat that he will impose reciprocal tariffs from early April, hurt as well.

After the Trump administration's tariff moves, Canada retaliated by announcing 25% tariffs on $107 billion worth of U.S. goods, with $20.7 billion in immediate effect. Mexican President Claudia Sheinbaum said her country is preparing countermeasures.

China has announced 15% tariffs on U.S. chicken, wheat, corn and cotton, plus 10% cent tariffs on soybeans, pork, beef and dairy beginning March 10.

U.S. President Donald Trump reiterated that he will impose reciprocal duties with effect from April 2, and the first target will be a levy on agricultural products.

Financial stocks are the major losers at present. Technology, energy and industrials shares are off early lows, but still mostly down in negative territory.

The benchmark S&P/TSX Composite Index, which dropped to 24,344.84, losing nearly 400 points, is down 292.03 points or 1.17% at 24,709.54.

Wajax Corporation is down 12%. The company reported fourth quarter net earnings of C$1.0 million, or C$0.05 per share, compared to C$11.1 million, or C$0.52 per share.

Docebo Inc is declining 6%, TFI International is lower by 4.8% and Linamar Corporation is down 4.5%.

Canadian Imperial Bank of Commerce, Manulife Financial Corporation, Stella-Jones, goeasy, Onex Corporation, Magna International, Gildan Activewear, Royal Bank of Canada, WSP Global, Shopify Inc., Methanex Corporation, Suncor Energy, Kinaxis and Enbridge are down 2 to 4%.