Canada’s main stock index experienced significant movement this week, largely influenced by global trade developments and policy decisions. On Monday, the TSX surged in alignment with a global rally after U.S. President Donald Trump eased some of his tariffs. The White House decided to exempt smartphones, computers, semiconductor memory chips, and flat panel displays from reciprocal tariffs imposed on China, which constitutes 23 per cent of U.S. imports from the country. This decision was driven by concerns over the potential impact on consumer prices, such as the hypothetical US$3,500 American-made iPhone.
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The TSX saw two 200-plus point gains this week, driven by indications of potential automotive tariff exemptions. President Trump hinted at possible exemptions for the 25 per cent tariffs on imports of autos and auto parts from Mexico, Canada, and other regions. Oil prices remained largely stable as the new tariff exemptions and a rebound in Chinese oil imports were balanced by the International Energy Agency following OPEC in lowering its oil demand forecast.
On Wednesday, the TSX flatlined as investors assessed the Bank of Canada’s policy decision and shifting U.S. tariff policies. Amid trade war uncertainty, the Bank of Canada paused rates at 2.75 per cent after seven consecutive cuts. Gains in material shares were offset by declines in information technology stocks.
Spotlight on three Canadian stocks
Thermal Energy International Inc. (TSXV:TMG, Forum), a provider of energy efficiency and carbon emission reduction solutions, has made headlines this week with a significant order from one of its largest customers. The company will expand the existing heat recovery system installed in 2019. This turnkey heat recovery expansion project is valued at approximately C$1 million and includes the design, construction, startup commissioning, and training for the complete system. The project aims to reduce natural gas consumption by 14,500 MMBTU and CO2 emissions by 767 tons per year. The expansion is expected to be completed within 9 to 12 months, providing a substantial boost to Thermal Energy’s revenue and environmental impact.
Tilray Medical, a division of Tilray Brands Inc. (TSX:TLRY, Forum), has announced the availability of its medical cannabis edibles, Good Supply Pastilles, to patients in Australia. This launch marks Tilray Medical’s first medical cannabis edible offering in the country, providing patients with a sugar-free and vegan-friendly treatment option. The Good Supply Pastilles are available in three options: THC10 (Strawberry), THC10 CBD10 (Pineapple), and CBD20 (Raspberry). Patients can purchase these edibles in packs of 60 from Tilray Direct or local medical cannabis distributors. Tilray continues to be a leading provider of EU-GMP certified medical cannabis globally, supporting medical trials to study the efficacy of cannabis for various conditions.
Oncolytics Biotech (TSX:ONC, Forum), a clinical-stage cancer therapy company, announced a US$20 million share purchase agreement with institutional investor Alumni Capital to further develop its pelareorep drug candidate. Pelareorep, an intravenous drug, activates anti-cancer immune responses, turning tumors from cold to hot, enabling immune cells to recognize and kill cancer cells. The drug has shown effectiveness in randomized phase 2 studies on metastatic breast cancer and phase 1 and 2 studies on pancreatic cancer. The U.S. FDA has granted Fast Track Designation for registrational studies under both variants. The agreement with Alumni Capital provides Oncolytics with flexibility to meet clinical milestones while fostering shareholder value.
Investor’s corner
Investors should consider updating their portfolios to take advantage of these erratic market moves. The developments in Thermal Energy International, Tilray Medical, and Oncolytics Biotech highlight the dynamic nature of the Canadian stock market and the opportunities it presents. Staying informed and agile in response to market changes can help investors capitalize on emerging trends and maximize their returns.
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(Top image generated with AI.)