Nasdaq-ADV: 3,698 Dec: 6,495 NYSE-ADV: 1,704 Dec: 2,356
(Source: Nasdaq)
The main Canadian stock index fell on Friday which was burdened by mining and telecommunications shares in the midst of fears that the tariffs imposed by Trump’s administration would hurt the economy and trigger inflation.
The S&P/TSX Toronto Exchange (.GSPTSE) Composite Index, down 0.8% to 24,858.59.
Capped Communication (.gSPTTTS), is the biggest loser and drops 2%, while the material sector (.gSPTMT), down 1.4% due to lower gold prices.
Apart from the loss of that day, the benchmark index rose 1.2% so far this week, especially benefiting from the projection of the Federal Reserve US interest rate for this year.
The Canadian Bank last week raised concerns about inflationary pressures and weaker growth than trade uncertainty after US President Donald Trump.
“Many of this are still reacting based on the threat of protracted trading warfare with the United States,” said Shiraz Ahmed, senior portfolio manager and founder of Sartorial Wealth at Raymond James.
Political development was also the focus after a report said that the new Canadian Prime Minister Mark Carney was ready to summon a fast federal election on Sunday for April 28.
“This will increase uncertainty to the Canadian market. Everyone wants the election and this tariff to speak behind us,” Shiraz added.
Data shows that Canadian retail sales shrink faster than anticipated in January due to the purchase of cars and supermarkets and food sales down.
Among individual shares, the Premium brand (PBH.to), up 5.1% after the producer and special food distributor defeated the estimated fourth quarter income.
Source: Reuters (reporting by Nikhil Sharma and Sanchayaita Roy in Bengaluru; Editing by Sahal Muhamed and Shouunak Dasgupta)
