Canadian Stocks Climbed AS US-Canada Talks Continue

(RTTNews) - Canadian stock market scaled new high on Friday as traders expressed positivity in the continuing hectic high-level US-Canada trade negotiations even as August 1 deadline is closing in.

After opening just around yesterday's close, the benchmark S&P/TSX Composite Index today travelled in the positive territory to reach an intra-day high of 27,516.03 before settling at 27,494.35, up by 122.09 (or 0.45%). This is a new record high for the TSX Composite Index.

As the deadline for "reciprocal tariffs" suspension period ends by next Friday, countries are on hectic parleys with the US to secure a tariff framework. EU, India, and South Korea are reportedly making progress in clinching a fair deal with the US on tariffs.

The US President Donald Trump had threatened Canada with 35% tariffs earlier, after accusing the country of not doing enough to curtail illicit fentanyl trade via US-Canadian borders into the US. This comes on top of the 50% taxes on aluminum and steel imports to the US.

Canada's minister for US-trade Dominic LeBlanc stated that he was "encouraged" after meeting US Commerce Secretary post closed-door "complex" talks.

However, Trump stated yesterday that "we have really not had a lot of luck with Canada" and added that the country will have only tariff and not a negotiation.

Slightly alarmed by this news, some traders opted for profit-taking on the last trading day of the week.

Investors are anticipating eagerly for the key events next week including monetary policy decisions from Bank of Canada as well as the US Federal Reserve along with earnings report from "tech giants".

The BoC is widely expected to hold rates as recent economic data - both from Canada and the US - have not shown dramatic decline in businesses and jobs amid tariff war.

Major sectors that gained in today's trading were IT (1.83%), Industrials (0.70%), Real Estate (0.69%), and Financials (0.54%).

Among the individual stocks, Lightspread Commerce Inc (4.75%), Celestica Inc (4.24%), Tfi International (5.48%), and Firstservice Corp (3.63%) were the prominent gainers.

Major sectors that lost in today's trading were Consumer Discretionary (0.07%), Consumer Staples (0.07%), Energy (0.51%), and Healthcare (0.63%).

Among the individual stocks, Maple Leaf Foods (1.21%), Ces Energy Solutions Corp (2.66%), Chartwell Retirement Residences (1.30%), and Sienna Senior Living Inc (0.82%) were the notable losers.