Canada’s main stock index powered higher on Thursday, following a recent upswing, as uncertainty surrounding future trade deals weighed on investor sentiment. The financial and utilities segments provided the biggest gains for the TSX while the heavyweight mining and energy sectors were responsible for the biggest drop.
According to Statistics Canada, manufacturing sales dropped by 1.4 per cent in March, largely driven by declines in the primary metal and petroleum and coal product industries. In contrast, the furniture and related products sector recorded the highest monthly increase.
Meanwhile, US markets bounced between gains and losses, with the S&P 500 marking its third straight day of growth. The rally was fuelled by news that the current US administration and China had agreed to a temporary pause in their escalating tariff conflict. Investors also digested key economic data, including April’s producer price index, retail sales, industrial production figures, and weekly jobless claims.
The Canadian dollar traded for 71.65 cents US compared to 71.57 cents US on Wednesday.
US crude futures traded US$1.38 lower at US$61.77 a barrel, and the Brent contract lost US$1.53 to US$64.66 a barrel.
The price of gold was up US$50.67 to US$3,219.26.
In world markets, the Nikkei was down 372.62 points to ¥37,755.51, the Hang Seng was down 187.49 points to HK$23,453.16, the FTSE was up 37.89 points to ₤8,622.90, and the DAX was up 168.58 points to €23,695.59.
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