Canada Stocks: TSX rises on telecom, tech boost; Trump's latest tariffs eyed

Telus

13/02/2025 16:31

(Updates with market opening prices)
    By Ragini Mathur
       Feb 13 (Reuters) - Canada's main stock index rose on
Thursday, with broad gains led by telecom and tech shares,
although U.S. President Donald Trump's recent reciprocal tariff
proposals limited the overall increase.
    The S&P/TSX composite index  .GSPTSE  was up 0.2% at
25,618.60.
    A majority of subsectors were trading higher, led by capped
communication  .GSPTTTS  jumping 1.7%, helped by a 3.7% rise in
Telus  T.TO  after the communications technology company's
fourth-quarter revenue beat market expectations.
    Technology  .SPTTTK  also led the charge with a 1.7% jump,
boosted by e-commerce company Shopify's 3.7% gain.
    Canada's 10-year benchmark yield  CA10YT=RR  eased, tracking
the U.S. counterpart, helping utilities  .GSPTTUT  and real
estate  .GSPTTRE  add 1.2% and 0.8%, respectively.
    However, Donald Trump's plan to unveil reciprocal tariffs on
Thursday afternoon kept investors on edge.
    "We're going to be seeing a lot more volatility and
uncertainty continuing in the market and I think everyone is
walking on egg shells to try to figure out what is going to
happen here," said Shiraz Ahmed, senior portfolio manager and
founder of Sartorial Wealth at Raymond James as he referenced
Trump's plans on reciprocal tariffs.
    Financials  .SPTTFS  declined 0.5%, dragged by Sun Life
Financial  SLF.TO  falling 8.3% to the bottom of the TSX after
Canada's second-largest life insurer fourth-quarter profits
missed expectations.
    Kinross Gold  K.TO  shed 6.2% after the company reported
fourth-quarter results, pulling the materials group  .GSPTTMT 
down 0.6%.
    Stateside, Wall Street main indexes moved higher on Thursday
as investors parsed the latest producer prices data that rose
slightly more than expected, suggesting inflation was picking up
again.  .N 

 (Reporting by Ragini Mathur in Bengaluru; Editing by Vijay
Kishore)
 ((Ragini.Mathur@thomsonreuters.com;))