21.03.202514:36:41UTC+00Canadian Stocks Fall Sharply

The S&P/TSX Composite Index saw a 1% decline, settling at 24,820 on Friday. This mirrored another challenging session for its US counterpart, largely driven by pressures on major mining companies. Investors remained cautious amid ongoing trade tensions with the United States, prompting concerns over domestic economic growth. The Bank of Canada highlighted heightened uncertainty in its economic projections, influenced by unpredictable US tariff threats affecting the cost of goods for Canadian businesses and consumers. This uncertainty has dampened appetite for riskier assets on the Toronto exchange. Further instability stemmed from the potential upcoming elections following Prime Minister Trudeau's resignation. Losses were most pronounced among precious metal miners, as gold prices fell from their all-time highs, leading to a 2% drop in shares of Wheaton and Barrick. Additionally, worries about decreased credit activity put pressure on Brookfield and BMO, both of which saw their stocks decline by over 1%. In economic news, retail sales likely saw a contraction for the second consecutive month in February.