Toronto Stocks Retreat as Trump Threatens 10% Tariff on Canada, MEG Energy Rises on Cenovus Offer

Dow Jones
2025/10/28
 

By Adriano Marchese

 

Toronto stocks started the week on a downbeat.

Most sectors were in the red Monday, with the biggest losses in the materials sector. Distribution services, communications and health services were the other main laggards of the session, offsetting gains primarily in tech, tech services and energy.

Canada's S&P/TSX Composite Index fell 0.7% to 30155.29 and the blue-chip S&P/TSX 60 declined by 0.5% to 1781.02.

President Trump said Saturday the U.S. will impose an additional 10% tariff on Canada as a punitive measure for an ad campaign that he said misrepresented comments by former President Ronald Reagan.

MEG Energy rose by 3.5% to 29.88 Canadian dollars ($21.35) after Cenovus Energy increased its offer to buy the company and received support in favor of the deal from former rival bidder and large shareholder Strathcona Resources.

 

Other market movers:

 

Perpetua Resources struck a deal to secure a $225 million investment from JPMorgan Chase and Canadian gold producer Agnico Eagle Mines to help fund development of a mining project in central Idaho. Shares traded 0.2% lower at C$32.55, coming down from earlier highs of C$35.11.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

October 27, 2025 12:21 ET (16:21 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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