By Adriano Marchese
Toronto-listed stocks were sharply lower, easing off their worst levels as investors react to the reality of U.S. tariffs on Canadian imports.
Canadian Prime Minister Justin Trudeau said Canada would respond in kind and impose 25% tariffs on more than $105 billion of U.S. goods.
Among the worst hit in Monday's session were Canada's health tech, manufacturer and transportation sectors. Only the Canadian materials sector showed any modest gains, followed more distantly by communications and energy.
Canada's S&P/TSX Composite Index was 0.7% down at 25354.53. The blue-chip S&P/TSX 60 was also lower by 0.8% to 1528.31.
Canada's auto-part manufacturers were hard-pressed. Magna International, Linamar and Martinrea International declined significantly. Magna shares fell 6.5% to 53.88 Canadian dollars ($37.07), while Linamar's stock declined by 4.4% to C$54.05. Martinrea's shares fell 4.3% to C$8.41.
Other market movers:
BRP was another casualty in the tariff-centered session, its shares fell 6.3% to C$65.13. The maker of Ski-Doos and Sea-Doos ships its power sports leisure vehicles to the U.S. market and produces the majority of its products in Mexico, which is also the target of heavy tariffs.
Topaz Energy shares bucked the trend, rising 1.8% to C$25.50 after it said it acquired a royalty interest in Alberta's Montney region for C$43 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 03, 2025 12:26 ET (17:26 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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