S&P/TSX Composite Index slips to 35,460 as U.S. ban on Canadian imports takes effect

  • S&P/TSX Composite Index closed lower at 35,460 on Tuesday.
  • 0.2% was the August increase in Canada’s real GDP, advance data showed.
  • U.S. import restrictions took effect as energy shares fell and miners recovered.

The S&P/TSX Composite Index edged lower to close at 35,460 on Tuesday as advance data showed real GDP (gross domestic product) rose 0.2% in August after remaining essentially unchanged in July. Growth in mining and quarrying and retail trade was partly offset by weaker oil and gas extraction. A U.S. ban on various Canadian imports, including many alcoholic beverages and dairy products, also took effect, sending Saputo down 2%. Major banks declined, with RBC falling 0.6%. Oil prices pulled back as U.S. and Iranian officials continued separate discussions with mediators, weighing on energy producers including Canadian Natural, down 0.7%, and Suncor, down 1.7%. Miners rebounded as gold prices rose, lifting Agnico Eagle 1.1% and Franco-Nevada 0.9%. Technology stocks advanced, with Shopify up 2.9%, as a planned Anthropic IPO (initial public offering) on Wall Street supported the sector.

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