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

Dow Jones

Oct 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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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  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.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 p","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC","BK4585":"ETF&股票定投概念","IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","MEG":"Montrose Environmental Group","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H","CVE":"Cenovus能源","BK4566":"资本集团","LU2308191902.HKD":"BNP PARIBAS ECOSYSTEM RESTORATION \"CLASSIC\" (HKD) ACC","BK4120":"环境与设施服务","BK4201":"综合性石油与天然气企业","BK4588":"碎股"},"translate_title":"特朗普威胁对加拿大征收10%关税，多伦多股市下跌，MEG Energy因Cenovus报价而上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CVE":1.5,"MEG":1.5},"content_text":"By Adriano Marchese \n\n\n \n\n\n  Toronto stocks started the week on a downbeat. \n\n\n  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. \n\n\n  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. \n\n\n  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. \n\n\n  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. \n\n\n \n\n\n  Other market movers: \n\n\n \n\n\n  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. \n\n\n \n\n\n  Write to Adriano Marchese at adriano.marchese@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 27, 2025 12:21 ET (16:21 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}