The suspense over imminent tariffs placed on a wide variety of industries and nations did not rattle markets in Canada, who enjoyed impressive gains Wednesday.
The TSX Composite Index rocketed 237.9 points, or 1.1%, to conclude Wednesday at 25,307.18.
The Canadian dollar dipped 0.12 cents to 69.84 cents U.S.
In corporate news, investment firm Brookfield has resumed takeover talks with Spanish pharmaceuticals company Grifols, news website El Confidencial reported on Wednesday.
Brookfield shares recovered 89 cents, or 1.2%, to $77.86.
Blackberry fell 49 cents, or 9.2%, to $4.86 after the cybersecurity firm forecast a revenue decline in fiscal 2026 as it anticipated weak spending on its cybersecurity products.
Technology led the gainers, with Converge Technologies vaulting 58 cents, or 10.6%, to $6.05, while Bitfarms collected six cents, or 5.2%, to $1.22.
Consumer stocks also took their place among the leaders, with Linamar gaining $1.93, or 3.9%, to $51.75, while Aritzia picked up $1.90, or 3.8%, to $52.12.
In the industrial sector, Bombardier partied $5.55, or 6.8%, harder, to $86.81, while TFI International leaped $5.15, or 4.7%, to $115.76.
Telecoms proved a drag on the market, with BCE sinking $1.39, or 4.3%, to $31.24, as TELUS dropped 54 cents, or 2.6%, to $20.04.
In health-care, Bausch Health Companies handed back 19 cents, or 2.1%, to $8.76, while Tilray shares were unchanged at 93 cents.
Gold wallowed as well, with Aya Gold down 66 cents, or 6%, to $10.39, while Seabridge flopped 26 cents, or 1.6%, to $16.10.
Trump announced sweeping reciprocal tariffs on global trading partners late Wednesday afternoon in what the White House dubbed “Liberation Day,” threatening to disrupt decades of established trade practices.
The tariffs, which went into effect immediately upon announcement, are expected to trigger price increases and prompt retaliatory measures from affected countries.
Prime Minister Mark Carney’s office said he and Mexican President Claudia Sheinbaum spoke on Tuesday about Canada’s plan to “fight unjustified trade actions” by the U.S.
U.S. companies say a “Buy Canadian” movement is already making it harder for their products to reach that country’s shelves.
ON BAYSTREET
The TSX Venture Exchange added 4.96 points to 631.15.
Eight of the 12 TSX subgroups were higher as the close approached, led by information technology, sprinting 2.1%, while consumer discretionary and industrial stocks each gained 1.3%.
The four laggards were weighed most by telecoms, descending 1.8%, while health-care ailed 0.3%, and gold dulled 0.2%.
ON WALLSTREET
Stocks climbed on Wednesday in yet another volatile session as Wall Street readied for the expected rollout of President Donald Trump’s tariffs.
The Dow Jones Industrials surged 235.36 points to close Wednesday at 47,225.32
The S&P 500 index regained 37.9 points to 5,670.97
The NASDAQ climbed 151.15 points to 17,670.97.
Shares of Tesla climbed 6%, similarly turning around from earlier on news that President Donald Trump has signaled to his cabinet that Elon Musk will be stepping back from his advisory role in the coming weeks.
The moves come ahead of the implementation of a raft of Trump’s reciprocal tariffs that will “start with all countries.”
Even leading up to the close, details were still scarce, fueling concerns about which industries will be most impacted and whether the economy could slow down as a result. The administration as of Tuesday had yet to decide on the tariff levels and was still considering several options, according to a report from Bloomberg News, citing people familiar.
However, Treasury Secretary Scott Bessent told lawmakers that Wednesday’s duties will serve as a “cap,” where the tariffs that are announced will be the highest amount set, according to Republican Congressman Kevin Hern. That will give countries the opportunity to take steps to bring the tariff amount down.
Prices for the 10-year Treasury lost a bit of ground, raising yields to 4.18% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.
Oil prices grabbed 65 cents to $71.85 U.S. a barrel.
Prices for gold brightened $16.20 to $3,164.20 U.S.