CANADA STOCKS-TSX adds to weekly gain as investors cheer US tariff ruling
By Fergal Smith
Feb 20 (Reuters) - Canada's main stock index rose to another record high on Friday, helped by gains for financial and metal mining shares, as investors welcomed the U.S. Supreme Court's ruling against President Donald Trump's tariffs.
The S&P/TSX Composite Index .GSPTSE ended up 222.53 points, or 0.7%, at 33,817.51, eclipsing Thursday's record closing high. For the week, the index advanced 2.25%.
Trump responded with fury to the Supreme Court ruling that he did not have the power to unilaterally set tariffs on imports, denigrating individual justices as he vowed to wield a more restrictive law to continue his global trade war.
"That's a crack in the armor... There are limits to what Trump can do," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
"That's certainly being taken by traders in Canada as a positive."
Canada sends about 70% of its exports to the United States so its economy has been badly hurt by the trade war.
Domestic data on Friday was mixed. Retail sales fell 0.4% in December but a preliminary estimate showed a rebound of 1.5% in January.
The materials sector .GSPTTMT, which includes metal mining shares, rose 1.7% as gold and copper prices climbed.
Technology .SPTTTK added 1.4% and financials .SPTTFS, which included heavily weighted bank stocks, were up 0.9%.
"Anything that reduces political tensions between the United States and Canada would be positive for the banks given the amount of cross-border operations they've got going on," Cieszynski said.
Half of the 10 major sectors posted declines, including consumer staples .GSPTTCS. It lost 1.3% and energy .SPTTEN ended 1.2% lower.
U.S. crude oil futures CLc1 settled 0.1% lower at $66.39 a barrel as the market awaited developments in the tense relationship between the U.S. and Iran.
Shares of energy distribution firm Superior Plus Corp SPB.TO tumbled 18.4% after the company missed quarterly revenue estimates.
Related Articles
Will Bank of England Still Cut Rates in 2026? Falling Inflation Favors Loose Monetary Policy, Pound Exchange Rate May Struggle to Sustain Strength.
TradingKey - The outlook for the British Pound in 2026 is undoubtedly one of the most significant focal points for investors in the FX market. Following a structural shift in 2025 characterized by a "low start and high finish," GBP/USD successfully broke out of its two-year trading range and stabilized near 1.35 at year-end, laying the foundation for its performance in 2026.
What Is the Best Nuclear Energy Investment in 2026? Which Should You Buy in, OKLO or Nuclear Energy ETFs?
TradingKey - Demand for electricity is surging, and data centers designed for artificial intelligence are a big reason. Governments are also demanding cleaner, dependable power. This coupling has brought about a revival in nuclear power, with capacity expected to increase in the coming decades. To i
Stock Market Crash 2026: What Fed Signals and Economic Data Mean for Investors
TradingKey - The possibility of a stock market crash occurring in 2026 is becoming increasingly likely as investor sentiment continues to decline.
New Fed Chair Warsh Takes Office: Major Shift in Monetary Policy? US Dollar Short-Term Rebound, 2026 Investment Strategy Analysis
TradingKey - At the start of 2026, global financial markets witnessed a major leadership change as U.S. President Trump officially nominated Kevin Warsh as the next Federal Reserve Chair. Pending Senate confirmation, he will succeed Jerome Powell this May to lead the world’s most influential central bank.
