Markets

Update: TSX Posts Triple Digit Gain, Recouping Recent Losses on Hopes Trump Tariffs Might Soften

Canada's main stock market was firmer Monday, following solid action in Europe and the United States even as U.S. President Trump continued to talk about tariffs, though perhaps softened his stance on Canada and Mexico slightly, indicating the focus was on China. The S&P/TSX Composite Index posted a triple digit gain, rising 156 points or 1% to close at 15,541.

Gains on the TSX were broadbased, led by health care (+5.8%), energy (+2.3%) and materials (+1.6%). Financials were up 0.75%. Crude oil prices pushed higher with Nymex crude over 2% higher to close at $62.57 a barrel after reports that Cushing inventories had declined further.

In stock news, Canadian National Railway (CNR.TO) was up 0.2% after replacing its president and chief executive Luc Jobin, saying its board of directors believes the company needs a more energetic leader who will speed up execution of its strategic vision. Spin Master (TOY.TO) added nearly 3% after signing a deal to buy stuffed toy brand Gund for US$79.1 million from Enesco, a portfolio company of private equity firm Balmoral Funds. Heavily traded Aurora Cannabis (ACB.TO) rose 5% while Canopy Growth (WEED.TO) surged 11%. Nutrien (NTR.TO), the day's most influential share, gained 5%.

In economic news, Canadian consumer confidence has pulled back this year from the lofty level seen at the end of last year, according to the Bloomberg Nanos Canadian Confidence Index. The index declined to 57.7 in the week ended March 2, down from 59.0 at the end of January. The index ended 2017 at 62.2, leaving the January/February decline as the largest in two years. Recent market volatility, notably the decline in stocks after a sustained run-up, along with volatility in housing amid new regulations this year, is denting consumers' outlooks.

The Canadian dollar lost about six-tenths of a cent to 77.02 US.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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