12:16 PM EDT, 06/30/2025 (MT Newswires) -- The Toronto Stock Exchange is up 78 points at midday, with most sectors higher.

The biggest gainers are healthcare (+1.5) and technology stocks (+0.73%).

Energy (-0.4%) is the sole decliner.

Oil edged lower early on Monday as strong summer demand is offset by rising supply with OPEC+ readying to again raise output, adding 411,000 barrels per day to the market beginning on Tuesday, its fourth tranche of monthly production hikes. The group is said to be considering another same-sized tranche in August.

Gold traded higher as the U.S. dollar continues to weaken.

Market focus is on trade related issues.

BMO Economics in its morning note noted equity futures were pointing to gains after Canada said it would rescind the Digital Services Tax, putting trade talks with the United States "back on track" with a July 21st "goal for settlement".

BMO noted the TSX edged up modestly last week to finish it just off a record high, and the bank said the market seems to be looking right through the current soft patch of economic data. Real GDP contracted in April and early May data flow "doesn't look any better". "While we're probably going to struggle with a negative growth print for all of Q2, the market is always operating a few quarters ahead." At the same time, BMO noted, Ottawa is priming the fiscal stimulus pump, including income tax relief, infrastructure spending and sharp boost to defence outlays. "As we've noted many times before, the Canadian equity index isn't always the best reflection of the underlying Canadian economy, and it continues to outperform while pushing record highs."

Meanwhile, The Wall Street Journal reported that Canada has imposed quotas on imports of steel products from countries where it doesn't have a free trade agreement.

It cited Finance Minister Francois-Philippe Champagne saying a new tariff rate quota has been set at 2.6 million metric tons, which will result in a 50% surtax being added on steel imports above 2024 levels from all non-free trade agreement partners. The report said that the measure aimed at stabilizing the country's steel market becomes effective retroactively to June 27 and will be reviewed in 30 days.

Champagne said the combination of tariffs imposed by the U.S. on all steel imports and global overcapacity caused by what he described as non-market practices has led many exporters to seek new markets. The government measure helps manage that pressure without disrupting supply for Canadian users, he added.

Monday's report noted Ottawa is taking steps to support the domestic steel sector, including a curb on imports, as the industry faces fresh pressure from President Trump's 50% tariffs on imports of steel and aluminum into the U.S. Canada has so far not retaliated to the Trump administration's doubling of the tariffs from an earlier 25% as it seeks to negotiate a new trade deal with the U.S. by July 21. Canadian officials are considering requirements that would compel government-funded infrastructure projects and defense-procurement agreements to use domestically made steel and aluminum.