- Gold miners lead gains
- Energy shares among worst hit
- Trump says he will hike tariffs on Canadian cars, trucks to 50% amid trade spat
August 24 (Reuters) - Canada's commodity-heavy stock index was little changed on Monday, as investors weighed new U.S. tariffs on Canadian goods and awaited details on Washington's threatened sanctions against Iran.
The S&P/TSX Composite Index was flat at 36,615.45 points by 10:00 a.m. ET.
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The U.S. imposed 50% tariffs on some Canadian goods on Saturday, after the two neighbors failed to reach a trade deal.
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President Donald Trump also said on Monday that U.S. tariffs on all cars and trucks, automotive parts and steel will be increased to 50% starting January 1, 2027.
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Materials sector, which includes metal mining shares, rose 1.1%, leading gains on the main index as gold hit a three-month high against a subdued dollar, while investors awaited U.S. inflation data and remarks from Federal Reserve Chairman Kevin Warsh this week for clues on the interest-rate outlook.
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I-80 Gold Corp , Seabridge Gold and NovaGold Resources were up more than 4% each, leading sectoral gains.
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"Gold's having a good move ... I think you're seeing more of a move back towards the commodities," said Greg Taylor, chief investment officer at PenderFund Capital Management.
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The heavyweight energy sector was the biggest drag on the index, falling 0.9% as oil prices slipped, with investors taking profits ahead of expected new U.S. sanctions on Iran.
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U.S. Treasury Secretary Scott Bessent, who is set to hold a press conference at 2 p.m. EDT (1800 GMT), has threatened to roll out "the greatest financial offensive ever" against Iran. Trump has also threatened sanctions on Iran's trading partners.
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Five of the TSX's 10 major sectors traded higher.
Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Sahal Muhammed
Source: Reuters