TSX edges higher as Canada heads to polls, US trade confusion lingers

Kitco Media
By Reuters
Published:
Updated:
Reuters
TSX edges higher as Canada heads to polls, US trade confusion lingers teaser image

April 28 (Reuters) - Canada's main stock index edged higher on Monday, led by gains in financial stocks, as investors anticipated more certainty regardless of the winner of the country's general election, in which U.S. trade policies have been in focus.

Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), was up 0.4% at 24,803.38 points.

Canadians are going to the polls on Monday after an election campaign in which U.S. President Donald Trump's tariffs and musings about annexing Canada became the central issue. Regardless of the winner, analysts and investors in the country expect a more business-friendly government.

The "Canadian economy wants certainty", said Shiraz Ahmed, senior portfolio manager and founder of Sartorial Wealth, Raymond James.

"With the lingering uncertainty, regardless of what candidate wins, we will have that party's policies, which will give some economic certainty from a domestic policy standpoint."

Prime Minister and former central banker Mark Carney holds a small lead over his main election opponent, Conservative Party leader Pierre Poilievre, as the country heads for voting.

Meanwhile, uncertainties around the global trade war stoked by Trump continued, following competing claims on the state of negotiations between Beijing and Trump on Friday.

Canada's main index ended Friday with weekly gains due to initial optimism of a thaw between U.S. and China.

On Monday, the financial (.SPTTEN), sector led the gains, up 0.7%, with Trisura Group (TSU.TO), topping the index, with a 2.7% rise.

The information and technology (.SPTTTK), sector gained 0.6%. BlackBerry (BB.TO), gained 1.5%.

On the other hand, metal mining (.GSPTTMT), shares fell 0.4% as gold prices dipped for a second straight session.

Healthcare (.GSPTTHC), stocks also slipped, down 0.5%.

Reporting by Sanchayaita Roy in Bengaluru; Editing by Leroy Leo

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