OTTAWA (dpa-AFX) - The Canadian market got off to a weak start Friday morning and slipped deeper into the red subsequently, as U.S. President Donald Trump's sweeping tariff announcement rendered the mood bearish.
The U.S. government announced new tariff rates on dozens of countries, including Canada. The new tariffs range from just 10% to as high as 41%, and the White House said a 40% levy will be imposed on goods that have been transshipped to evade applicable duties.
Despite a few stocks finding support at lower levels, the market remains firmly down around noon. The benchmark S&P/TSX Composite Index
Technology, energy, financials, healthcare and industrials shares are among the major losers. A few stocks from the materials sector have moved higher.
The Information Technology Capped Index is down 2.22%. Coveo Solutions and Bitfarms are down 6.8% and 6.2%, respectively. Lightspeed Commerce, Shopify, Celestica, Open Text Corporation, Computer Modelling Group and BlackBerry are down 2.3 to 4%.
The Energy Capped Index is down 2.1%. Parex Resources and Vermilion Energy are down 3.7% and 3.4%, respectively. Freehold Royalties, Paramount Resources, MEG Energy Corp., Enerflex, Cenovus Energy, Topaz Energy, Canadian Natural Resources, Nuvista Energy and Baytex Energy are declining by 2 to 3%.
ARC Resources Ltd. is gaining 1.3% after reporting a net income of $396 million or $0.68 per share for the second quarter of 2025, an increase from $239 million or $0.40 per share in the same quarter last year.
Enbridge, Inc. has reaffirmed its distributable cash flow or DCF and adjusted EBITDA guidance for the full-year 2025. For fiscal 2025, the company continues to project DCF in a range of $5.50 to $5.90 per share and adjusted EBITDA between $19.4 billion and $20.0 billion. The stock is up by about 0.5%.
Healthcare stock Bausch Health Companies is down more than 4%. Industrials stock Nfi Group is down 4.3%. Cargojet, Boyd Group Services, Tfi International and Russel Metals are down 2 to 2.5%.
Among financials shares Brookfield Asset Management is down 3.2% and Brookfield Corporation is lower by about 2.6%. Sun Life Financial, Manulife Financial, Onex Corp, Igm Financial, Laurentian Bank, Fairfax Financial Holdings, Toronto-Dominion Bank and IA Financial Corp are down 1 to 2%.
Magna International Inc. has revised upward its full-year earnings outlook. The company now expects adjusted income per share of $1.35 to $1.55 per share for the full-year, higher than the earlier guidance of $1.3 to $1.5 per share. The stock is up 0.5%.
TELUS Corp. announced Friday that net income attributable to common shares for the second quarter plunged to C$7 million or C$0.00 per share from C$228 million or C$0.15 per share in the prior-year quarter. The stock is down more than 2%.
In economic news, the S&P Global Canada Manufacturing PMI rose to 46.1 in July of 2025 from 45.6 in the previous month, but continued to reflect a contraction in the Canadian private-sector factory activity. It was the sixth consecutive month of decline in manufacturing, pressured by the series of tariffs slapped by the United States on Canadian goods and domestic retaliatory levies.
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