The S&P/TSX Composite Index experienced a rise of over 1% on Friday, surpassing the 23,250 level as it neared the conclusion of an eventful week with a slight overall gain. This movement was largely supported by robust performance in major mining stocks, driven by a general stabilization in commodity markets. Key players such as Agnico Eagle, Wheaton Precious, Barrick Gold, and Franco-Nevada spearheaded the upward trend, posting gains between 3.5% and 5%. This surge was fueled by record-high gold prices, underscoring heightened demand for safe-haven assets. Meanwhile, leading financial institutions like RBC, TD Bank, Brookfield, BMO, and Scotiabank each acknowledged increments of over 1%.
Despite these gains, concerns about tariffs persisted, particularly after President Donald Trump adjusted tariffs from country-specific rates to a uniform 10% for most nations, notably excluding China. Chinese goods faced an increased tariff of 145%, as confirmed by a White House representative. In retaliation, China elevated its tariffs on U.S. imports to 125%, up from 84%, with its finance ministry cautioning that persisting in escalating tariffs may ultimately prove economically irrational and historically peculiar.
