Canadian Stocks Close Roughly Flat Amid Tariff War And Profit-Taking

(RTTNews) - Canadian stocks changed little on Monday despite last week's positive inflation data for June from both the US and Canada as investors opted for profit-taking amid uncertain trade scenarios.

After opening higher than last week's close, the benchmark S&P/TSX Composite Index inched up slowly to reach an intra-day high of 27,448.51 in a couple of hours.

However, falling from there, the index continued its slide to finally settle at 27,317.00, up by just 2.99 (or 0.01%).

With US President Donald Trump threatening to impose a whopping 35% tariffs on Canadian imports into the US, PM Mark Carney is finding ways to mend ties with the US and simultaneously build the internal economy as well. He is gradually moving the country away from over-reliance on the US for exports.

Carney had acknowledged, though, some of the US tariffs would stay even if a bilateral agreement is sealed between both the nations.

Carney's ministers are exploring ways to reach bilateral agreements with non-US economic majors, especially in Asia.

Last week, Carney asked his cabinet colleagues to find places in their departments to enforce maximum budgetary spending cuts to boost savings.

He had also initiated talks with the Chiefs of First Nations to allay their fears on the proposed Building Canada Act (Bill C-5) which gives the government, powers to bypass government regulations and environmental assessments to promote big-scale industrial projects in the interest of the nation.

Carney had also assured to crack down on cheap, foreign steel dumped in Canada by tightening the tariff quota for steel imports by imposing 25% additional tariff to imports containing steel, smelted and rolled in China.

He also announced that he is cutting down the taxes for families across Canada to help them save up to $840 a year.

According to a Bank of Canada survey, though tariff-related uncertainty continued to put a damper on Canadian businesses and consumer sentiments, business houses see less chance of a "worst-case" scenario. However, they remain cautious on new hiring and spreading investments.

Data released by Statistics Canada revealed that industrial producer prices rose 0.4% month-over-month in June, bouncing back from two consecutive declines. The index rose 1.7% year-over-year in June 2025.

The Canadian Raw Materials Price Index (RMPI) rose 2.7% month-over-month in June. Commodity prices Year-on-Year increased to 1.10%.

Major sectors that gained in today's trading were Materials (2.30%), Utilities (0.60%), Communication Services (0.57%), and Real Estate (0.35%).

Among the individual stocks, Novagold Res Inc (8.96%), Centerra Gold Inc (7.19%), Fortuna Mines Inc (6.60%), and Boralex Inc (3.75%) were the prominent gainers.

Major sectors that lost in today's trading were Financials (0.25%), Consumer Discretionary (0.35%), Industrials (0.71%), and Energy (0.98%).

Among the individual stocks, Thomson Reuters (3.08%), Gildan Actiwear Inc (1.77%), Advantage Oil & Gas Ltd (4.31%), and Kelt Exploration Ltd (3.69%) were the notable losers.