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TSX ends down 0.1% at 25,631.83
*
Materials group loses 1.8%
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Gold and copper prices fall
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Energy adds 1.3%; oil settles up 1.4%
(Updates at market close)
By Ragini Mathur and Fergal Smith
Feb 11 (Reuters) - Canada's main stock index edged lower
on Tuesday as lower metal prices weighed on the materials sector
and new U.S. trade tariffs risked escalating a global trade war.
The S&P/TSX composite index ended down 27.03
points, or 0.1%, at 25,631.83, giving back some of the previous
day's gains.
U.S. President Donald Trump raised tariffs on steel and
aluminum imports on Monday to a flat 25% without exceptions,
while also promising to announce global reciprocal tariffs this
week.
"Canada exports a lot of steel, aluminum to the United
States, so this is sort of another reescalation of the trade and
tariff wars that flared up a week or 10 days ago," said Brian
Madden, chief investment officer at First Avenue Investment
Counsel.
The materials group, which includes fertilizer companies and
metal mining shares, declined 1.8% as copper prices fell
and gold pulled back from a record high.
Real estate was down 1% as bond yields climbed. U.S. Federal
Reserve Chair Jerome Powell said the central bank is not in a
rush to cut interest rates.
Shopify Inc ( SHOP ) ended 2.9% higher. The e-commerce
company posted its best quarterly revenue growth in three years
as healthy consumer spending and the firm's efforts to load its
platform with AI features for sellers helped drive strong
holiday sales.
Energy also notched gains, ending up 1.3%. The price of oil
settled 1.4% higher at $73.32 a barrel as sanctions
raised concerns about Russian and Iranian oil supplies.