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CANADA STOCKS-TSX rises as Trump's Greenland about-face settles investors' nerves
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CANADA STOCKS-TSX rises as Trump's Greenland about-face settles investors' nerves
Mar 11, 2026 1:24 AM

(Updates throughout, adds details and analyst comments)

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TSX up 0.4%, led by gold miners

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Gold sector index gains 2.5%

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Data-center infra firm Celestica's ( CLS ) shares hit two-week low

By Utkarsh Hathi

Jan 22 (Reuters) - Canada's main stock index rose on

Thursday, ‌as investor sentiment turned positive after U.S.

President Donald Trump withdrew tariff threats ​against European

allies and ruled out using force to acquire Greenland.

At ‍10:24 a.m. ET, the S&P/TSX Composite Index ⁠was

up 0.4% ⁠at 33,977.17 points.

Trump, who met NATO Secretary General Mark Rutte on

Wednesday, said in ‌a social media post that ​the U.S. and its

NATO allies had a framework for a future deal on Greenland and

walked ⁠back threats to impose a ‍10% tariff ​from February 1 on

eight European countries.

The TSX, heavily weighted toward miners, remains sensitive

to geopolitical tensions as safe-haven ‍assets including gold and

other precious metals dominate its resources sector.

"It's probably cautious optimism. We'll get a bit of a

relief rally out of the back of this, but I don't know how long

it'll last," said Greg Taylor, chief ​investment ‍officer at

PenderFund Capital Management.

The benchmark's gold sub-index climbed 2.5% on

Thursday, with miner New Gold ( NGD ) leading gains after ​a

10.7% jump. The broader materials index, which

included mining stocks, added 1.9%.

Spot gold was up 0.7%, while silver gained

2.6%.

Overall gains on the TSX were also supported by Wall Street

advances, with investors assessing fresh economic data that

showed a resilient U.S. economy.

The energy index slipped ​1%, however, as oil

prices fell after Trump toned down threats

against Greenland and Iran.

Tech shares led losses, down 1.4%, with

data-center infrastructure provider Celestica ( CLS ) sinking

8% to a ‍two-week low.

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