S&P/TSX Composite Index holds near 35,500 as GDP rises 0.2%

  • S&P/TSX Composite Index traded near 35,500 on Tuesday.
  • Real GDP increased 0.2% in August after remaining essentially unchanged in July.
  • US import restrictions took effect as energy producers and banks traded lower.

The S&P/TSX Composite Index was little changed near 35,500 on Tuesday after advance data showed Canada’s real GDP rose 0.2% in August. Growth in mining and quarrying and retail trade was partly offset by weaker oil and gas extraction, while GDP was essentially unchanged in July. A US ban covering several Canadian imports, including many alcoholic beverages and dairy products, also took effect, weighing on Saputo and Nutrien. Oil prices pulled back as US and Iranian officials continued separate discussions with mediators, sending Canadian Natural and Suncor down about 1%. Miners remained subdued after Monday’s selloff despite higher gold prices, while major banks mostly traded lower. The pause in oil’s rally offered some relief from concerns over energy-driven inflation.

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