Equities in Canada enjoyed a banner day Tuesday, as encouraging inflation numbers worked their way into the mix. Easing tariff news from the Trump White House also proved a factor.
The TSX Composite Index popped 201.4 points to conclude Tuesday to 24,067.93.
The Canadian dollar retreated 0.32 cents to 71.62 cents U.S.
Trump on Monday suggested potential exemptions for the 25% tariffs on imports of autos and auto parts from Mexico, Canada and other regions.
Oil prices were largely stable after new tariff exemptions and rebounding Chinese oil imports were offset by the IEA following OPEC in reducing its oil demand forecast.
Heavyweight financials rose with Brookfield Asset Management rising 96 cents, or 1.4%, to $68.02.
Among individual stocks, women’s clothing retailer Groupe Dynamite climbed 73 cents, or 6.3%, to $12.31 after reporting upbeat fourth-quarter results and announcing a share buyback program.
Health-care proved the engine among the gainers, with Bausch Health Companies sprinting 31 cents, or $5.29, to $6.32, while Chartwell Retirement Residences climbed 51 cents, or 3.2%, to $16.59.
Among techs, Kinaxis shares grabbed $6.34, or 3.8%, to $172.66, while Sylogist Ltd. captured 32 cents, or 3.8%, to $8.66.
Gold stocks also moved higher, with Sandstorm Gold taking on 51 cents, or 4.5%, to $11.74, while Lundin Gold jumping $2.01, or 3.9%, to $53.87.
Telecoms pointed downward, though, as BCE lost 36 cents, or 1.2%, to $29.67, while Rogers dipped 17 cents to $34.84.
In the consumer stocks sector, BRP Inc. skidded $3.13, or 6.2%, to $47.22, while Pet Valu Holdings doffed 81 cents, or 3%, to $25.89.
Premium Brands ditched $1.09, or 1.4%, to $75.95, while shares in Jamieson Wellness ailed 37 cents, or 1.2%, to $30.58.
On the economic front, consumer price index figures for March rose 2.3% on a year-over-year basis in March, down from a 2.6% increase in February. On a seasonally-adjusted monthly basis, the CPI was unchanged in March.
Elsewhere, manufacturing sales rose 0.2% in February, mainly on higher sales of primary metals and chemical products. Meanwhile, sales in the petroleum and coal product subsector declined the most.
Moreover, Canada Mortgage and Housing Corporation housing starts for all areas in Canada decreased 3.3% in March (214,155 units) compared to February (221,405 units). Actual housing starts were down 12.5% year-over-year in centres with a population of 10,000 or greater, with 14,924 units recorded in March, compared to 17,052 in March 2024.
Lastly, the Canadian Real Estate Association reported national home sales fell 4.8% month-over-month. Actual (not seasonally adjusted) monthly activity came in 9.3% below March 2024.
ON BAYSTREET
The TSX Venture Exchange nosed higher 1.71 points to 630.04.
All but three of the 12 subgroups were higher as health-care soared 1.9%, information technology jumped 1.7%, and gold improved 1.5%.
The three laggards were telecoms, sagging 0.5%, consumer discretionary stocks, inching back 0.2%, and consumer staples, off 0.1%.
ON WALLSTREET
U.S. stocks gyrated on Tuesday, as investors analyzed the latest batch of first-quarter earnings reports and enjoyed a recent decline in market turmoil.
The Dow Jones Industrials changed direction and fell 155.83 points to end Tuesday at 40,368.96.
The S&P 500 folded 9.34 points to 5,396.63.
The NASDAQ Composite slid 8.32 points to 16,823.17.
Bank of America gained 4% and Citigroup added more than 2%, after exceeding analyst expectations for the first quarter.
Other major reports due this week include United Airlines and Netflix. Beyond earnings, Boeing shares slipped close to 2% after Bloomberg reported that Beijing ordered Chinese airlines not to take more of the company’s planes.
Despite recent gains, the three major indexes are still clawing back losses seen in the wake of Trump’s original tariff announcement on April 2. The Dow and NASDAQ have each slid more than 3%, while the S&P 500 has dropped more than 4%.
Tuesday’s action came after the major stock indexes ended Monday’s session higher, buoyed by the tech sector.
Stocks received a tailwind after guidance on Friday from U.S. Customs and Border Protection revealed exemptions from “reciprocal” tariffs for electronic products such as smartphones, computers and semiconductors.
Still, comments from President Donald Trump and Commerce Secretary Howard Lutnick on Sunday suggested these exemptions might only be temporary.
Prices for the 10-year Treasury gained ground Tuesday, pushing yields down to 4.33% from Monday’s 4.38%. Treasury prices and yields move in opposite directions.
Oil prices gained 62 cents to $61.55 U.S. a barrel.
Prices for gold acquired $19.10 to $3,245.40U.S.
