CANADA STOCKS-TSX gains on tech boost as investors assess corporate earning; eyes on trade deals
Canada’s main stock index, the S&P/TSX composite, rose 0.4% to 27,511.52 points, driven by a 2.9% increase in technology shares, particularly Celestica, which saw a 19.1% jump after exceeding revenue estimates. Industrial stocks also gained, with TFI International up 3.1%. Investors are closely watching U.S. trade negotiations, with President Trump expected to make decisions this week. Meanwhile, Air Canada’s stock fell 9% following a profit drop, while George Weston rose 1.2% after reporting strong revenue and announcing a stock split.
(Updates with market moves, adds analyst comments in paragraph 9)
By Sanchayaita Roy
July 29 (Reuters) - Canada’s main stock index edged higher on Tuesday, led by technology shares, as investors assessed corporate earnings and focused on trade deals with the U.S. ahead of the August 1 tariff deadline.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) was up 0.4% at 27,511.52 points.
Canadian information and technology stocks (.SPTTTK) led the broad-based gains, up 2.9%, after Celestica (CLS.TO) reported second-quarter revenue above estimates and raised its 2025 outlook. The electronics firm jumped 19.1%.
Industrial subindex (.GSPTTIN) rose 1% with TFI International (TFII.TO) up 3.1%, after the transportation and logistics service provider reported quarterly profit above estimates.
On trade, U.S. Commerce chief Howard Lutnick said on Tuesday, President Donald Trump will make his trade deal decisions this week, even as separate negotiations with China and the European Union continue.
The EU and U.S. are still in talks about aluminum tariffs and digital services regulations, while investors are concerned about Europe’s 15% export levy, a sharp increase from 1% to 2% rates that existed before Trump took office.
Trump also flagged a “world tariff” rate of 15% to 20% on Monday, for countries that were not negotiating a deal, among the highest rates since the Great Depression of the 1930s.
Back home, Prime Minister Mark Carney said on Monday, Canada-U.S. trade talks were in an intense phase and reiterated an agreement without any tariffs was unlikely.
“The difference between Canada and other countries is that we have a trade agreement already in place,… so not as urgent a concern as other countries”, said Colin Cieszynski, chief market strategist at SIA Wealth Management, adding that in the near term, markets are more focused on corporate earnings reports in Canada.
Among other individual stocks, Air Canada (AC.TO) slipped 9% after it reported a drop in second-quarter profit on Monday.
George Weston (WN.TO) rose 1.2% after the Canadian retailer reported second-quarter revenue above estimates and announced a stock split.
