Canadian Stocks Climb Amid Positive Housing Data

(RTTNews) - Canadian stocks rose closer to previous record highs on Wednesday amid flat US PPI data along with resilient Canadian housing activity.

Opening higher than yesterday's close, the benchmark S&P/TSX Composite Index dropped until just before noon. Later, it picked up momentum to rise and hit an intraday high of 27,159.87 before settling at 27,152.97, up by 98.83 (or 0.37%).

US trading partners are working hard and fast to strike balanced deals as the "reciprocal tariff" suspension period is ending by August 1.

Last week, accusing the Canadian government of failing to control illicit drug entry into the US via the US-Canadian borders, US President Donald Trump announced 35% tariffs on Canada.

Canadian officials are exploring ways to sign a trade agreement with the US though PM Mark Carney had conceded that even with a bilateral trade agreement, the US tariffs might stay on.

With around 75% of the country's exports going to the US, the Canadian PM has assured he will find out ways to protect the interests of Canadian workers and business houses. He also stated that the country would impose 25% tariffs, before the end of July, on imports from non-US countries that contain steel melted and poured in China.

Canada's Mortgage and Housing Corporation data released today revealed that housing starts in Canada rose 3.6% in June to 253,081 units. The Seasonally Adjusted Annual Rate (SAAR) of housing starts across Canada was nearly flat at 2,83,734 units in June.

On Tuesday, data revealed that Canada's annual inflation rose to 1.9% in June from 1.7% in May.

Since February 2025, Trump has been taking rigid stances on tariffs but soon reversed some.

According to economists, markets are becoming gradually de-sensitized to the tariff war as investors are of the opinion that countries would arrive at a trade deal with the US sooner or later.

Meanwhile Canada, on its part, has been actively pursuing marketplaces for their exports "outside the US" and working on signing bilateral trade agreements.

Major sectors that gained in today's trading were IT (1.58%), Financials (0.89%), Consumer Staples (0.73%), and Consumer Discretionary (0.53%).

Among the individual stocks, Shopify Inc (3.97%), Coveo Solutions Inc (3.50%), Lightspeed Commerce Inc (3.45%), and Brookfield Asset Management (4.25%) were the prominent gainers.

Major sectors that lost in today's trading were Industrials (0.20%), Communication Services (0.25%), Materials (0.62%), and Energy (1.13%).

Among the individual stocks, SSR Mining Inc (3.96%), Capstone Mining Corp (3.56%), Baytex Energy Corp (2.33%), and Advantage Oil & Gas Ltd (2.24%) were the notable losers.

Denison Mines (8.63%), Energy Fuels Inc (6.21%), and Novagold Res (5.59%) were among the market-moving stocks today.