Canada Stocks: TSX rises as mining shares surge on all-time high gold prices

Colliers International

10/02/2025 15:58

(Updates with market opening prices)
    By Ragini Mathur
       Feb 10 (Reuters) - Canada's main stock index rose on
Monday, led by metal mining shares, as gold prices hit an
all-time high after U.S. President Donald Trump's latest tariff
plans. 
    The S&P/TSX composite index  .GSPTSE  was up 0.9% at
25,674.26. 
    The materials sector  .GSPTTMT  gained 1.9% after gold
prices rose to a record high, as safe-haven demand for the
precious metal surged on fears of a global trade war after
Trump's new tariff plans. GOL/ 
    Trump is expected to introduce 25% tariffs later on Monday
on all steel and aluminum imports.
    Canada is the largest source of U.S. steel imports and the
top supplier of primary aluminum, contributing 79% of total
aluminum imports in the first 11 months of 2024.
    Trump is also expected to announce reciprocal tariffs on
Tuesday or Wednesday, to take effect almost immediately,
applying them to all countries and matching the tariff rates
levied by each country.
    Energy  .SPTTEN  rose 1.5% as oil prices rebounded on Monday
despite lingering fears over a potential global trade war. O/R 
    Canadian government 10-year bond yields  CA10YT=RR  fell 5
basis points to 3.024%, mirroring its U.S. counterpart. The
Canadian dollar  CAD=  was trading 0.2% lower at C$1.4331 to the
greenback.
    "The TSX index could remain volatile as investors await more
details on the proposed tariffs and their consequences for
Canadian industries," said Graham Priest, investment adviser at
BlueShore Financial. 
    In corporate news, Toronto-Dominion Bank's  TD.TO  shares
advanced 3.6% after the bank said it will sell its 10.1% stake
in U.S. financial services firm Charles Schwab  SCHW.N  as part
of a strategic review following a landmark U.S. fine.
     MDA Space  MDA.TO  climbed 10.6% after the space technology
company expanded its contract with telecom infrastructure
provider Globalstar  GSAT.A  to develop the next generation of
low Earth orbit satellites, bringing the total contract value to
about C$1.1 billion ($767.19 million).
 
($1 = 1.4329 Canadian dollars)

 (Reporting by Ragini Mathur in Bengaluru; Editing by Sahal
Muhammed)
 ((Ragini.Mathur@thomsonreuters.com;))