(Updates with market moves, adds analyst comments in paragraph
9)
By Sanchayaita Roy
July 29 (Reuters) - Canada's main stock index edged
higher on Tuesday, led by technology shares, as investors
assessed corporate earnings and focused on trade deals with the
U.S. ahead of the August 1 tariff deadline.
The Toronto Stock Exchange's S&P/TSX composite index
was up 0.4% at 27,511.52 points.
Canadian information and technology stocks led the
broad-based gains, up 2.9%, after Celestica ( CLS ) reported
second-quarter revenue above estimates and raised its 2025
outlook. The electronics firm jumped 19.1%.
Industrial subindex rose 1% with TFI
International ( TFII ) up 3.1%, after the transportation and
logistics service provider reported quarterly profit above
estimates.
On trade, U.S. Commerce chief Howard Lutnick said on
Tuesday, President Donald Trump will make his trade deal
decisions this week, even as separate negotiations with China
and the European Union continue.
The EU and U.S. are still in talks about aluminum tariffs
and digital services regulations, while investors are concerned
about Europe's 15% export levy, a sharp increase from 1% to 2%
rates that existed before Trump took office.
Trump also flagged a "world tariff" rate of 15% to 20% on
Monday, for countries that were not negotiating a deal, among
the highest rates since the Great Depression of the 1930s.
Back home, Prime Minister Mark Carney said on Monday,
Canada-U.S. trade talks were in an intense phase and reiterated
an agreement without any tariffs was unlikely.
"The difference between Canada and other countries is that
we have a trade agreement already in place,... so not as urgent
a concern as other countries", said Colin Cieszynski, chief
market strategist at SIA Wealth Management, adding that in the
near term, markets are more focused on corporate earnings
reports in Canada.
Among other individual stocks, Air Canada ( ACDVF ) slipped 9%
after it reported a drop in second-quarter profit on Monday.
George Weston rose 1.2% after the Canadian retailer
reported second-quarter revenue above estimates and announced a
stock split.