Canada Stocks: TSX gains on mining strength; US tariffs in focus

Hudbay Minerals

21/07/2026 16:26

Miners gain on gold prices
Energy shares climb over 1%
US Treasury's Bessent says Canada tariffs amount to 'reciprocity'
By Sudeshna Ghoshal

    July 21(Reuters) - Canada's main stock index climbed on Tuesday, buoyed by miners that tracked higher metal prices, while investors assessed fresh U.S.-Iran tensions and new U.S. tariffs on Canadian imports.
The S&P/TSX Composite Index .GSPTSE was up 0.5% at 35,144.23 points by 11:14 a.m. ET.
U.S. President Donald Trump imposed 50% tariffs on a broad range of Canadian imports on Monday, which Treasury Secretary Scott Bessent said amounted to "reciprocity" for trade actions Ottawa had taken on American dairy, alcohol and beverages.
A Financial Times report said on Tuesday that Trump was poised to unleash fresh tariffs on dozens of countries as soon as this week. 

        Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James, said that the materials and manufacturing sectors were in focus now, given the renewed tariff threat.
      
Gold prices climbed more than 1% on hopes of a diplomatic breakthrough between the U.S. and Iran, boosting the materials sector .GSPTTMT. Miners including Discovery MiningDSV.TO, Eldorado Gold ELD.TO and Hudbay Minerals HBM.TO advanced over 9% each.
Heavyweight energy stocks .SPTTEN gained 1.4%, tracking a 2% jump in oil prices following fresh attacks between the U.S. and Iran, and after Yemen's Houthis threatened a naval blockade targeting Saudi Arabia.
U.S. and Mexican trade negotiators are set to meet for a third round of bilateral talks later in the day to try to push forward with revising the North American trade agreement.

        Separately, Canada's biggest pension fund, CPP Investments, is tapping large foreign investors from central banks to insurance companies to grow its bond program.

 (Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Maju Samual and Sahal Muhammed)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))