Canada’s main stock index sank on Thursday, as investors remained risk-averse amid an intensifying trade war with the United States.
The TSX Composite Index declined 220.11 points to 24,203.23.
The Canadian dollar docked 0.35 cents to 69.29 cents U.S.
Alimentation Couche-Tard’s founder said the retailer could bolster its $47-billion offer for Seven & I if the Japanese firm became more cooperative and shared its financial information in greater detail.
Couche-Tard shares ditched $1.47, or 2.1%, to $68.15.
Birchcliff Energy jumped 43 cents, or 8.1%, the biggest individual gainer on the TSX, to $5.73, after it updated its annual average production outlook.
Tech stocks took the biggest bruises, with Shopify doffing $8.12, or 5.9%, to $130.72, while Bitfarms dished off nine cents, or 5.4%, to $1.59.
In health-care issues, Tilray handed over six cents, or 6.5%, to finish at 56 cents, while Chartwell Retirement Residences faded 35 cents, or 2.1%, to $16.59.
In consumer discretionary stocks, Gildan Activewear dumped $3.16, or 4.6%, to $66.33, while MTY Food Group retreated $1.47, or 3.5%, to $41.15.
Gold tried to go in an upward direction, with NovaGold up 31 cents, or 6.6%, to $5.00, while while Torex Gold Resources captured 94 cents, or 2.8%, to $34.11.
First Quantum Minerals rocketed $2.56, or 14.4%, to $20.34, while Orla Mining took on 70 cents, or 6.2%, to $11.95.
Just one item on the economic calendar this Thursday. In January, the total value of building permits issued in Canada decreased by $425.8 million (-3.2%) from the previous month to $12.8 billion.
ON BAYSTREET
The TSX Venture Exchange dipped 0.81 points to 613.17.
All but two of the 12 TSX subgroups were lower Thursday, with information technology hurtling lower 3.1%, while health-care lost 2.2%, and consumer discretionary stocks were off 1.5%.
The two gainers were gold, up 2.9%, and materials, picking up 2.2%.
ON WALLSTREET
Stocks fell on Thursday, with equities unable to shake a three-week market rout under the weight of new tariff threats from President Donald Trump.
The Dow Jones Industrials crumbled 537.36 points, or 1.3%, to 40,813.57, its fourth day of declines.
The S&P 500 sank 77.78 points, or 1.4%, to 5,521.52, bringing its losses from its record close in February to 10%. If the benchmark closes at these levels, it will be an official market correction, according to Wall Street.
The NASDAQ stumbled 345.44 points, or 2%, to 17,303.01, with shares in Tesla and Apple lower. The tech-heavy index was already well into correction territory heading into Thursday’s session and now sits more than 14% below its recent record.
Trump took to his Truth Social platform to threaten 200% tariffs on all alcoholic products coming from countries in the European Union in retaliation for the bloc’s 50% tariff on whisky. “This will be great for the Wine and Champagne businesses in the U.S.,” he wrote.
Worries over U.S. trade policy have hurt stocks this week.
The S&P 500 is set to lose 3.3% this week, while the NASDAQ is on track for a loss of 3.7% this week. The Dow is off 3.6% in the period, heading for its worst week since March 2023.
However, investors got more encouraging inflation data Thursday. February’s producer price index — which measures the cost of producing consumer goods and is a good indicator of inflationary pressures — was flat that month, compared with an expected increase. This, alongside a softer-than-expected February consumer price index reading, may have helped ease traders’ concerns about the direction of the economy and the impact tariffs could have on inflation.
Prices for the 10-year Treasury gained Thursday, lowering yields to 4.26% from Wednesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices $1.04 to $66.64 U.S. a barrel.
Prices for gold leaped $49.90 an ounce to $2,996.10 U.S.
