CANADA STOCKS-TSX inches up as mining shares rise; Fed independence in focus

Reuters
26 Jun
CANADA STOCKS-TSX inches up as mining shares rise; Fed independence in focus

Updates with morning prices

By Twesha Dikshit and Sukriti Gupta

June 26 (Reuters) - Canada's main stock index edged higher on Thursday, helped by gains in heavyweight mining shares, while investors weighed U.S. President Donald Trump's latest criticism of the Federal Reserve Chair that revived worries over the central bank's independence.

The commodity-heavy S&P/TSX composite index .GSPTSE was up 0.05% at 26,579.68 points.

Mining shares .GSPTTMT rose 0.6% as copper prices jumped to their highest level in nearly three months. MET/L

Copper miners Capstone Copper CS.TO, up 9.1%, Teck Resources TECKb.TO, up 6.7%, and Ero Copper ERO.TO, up 8.1%, were among the top performers on the main index.

Conversely, the technology sector .SPTTTK led the declines with a 1.3% fall. BlackBerry BB.TO declined 5.1% after rising nearly 13% on Wednesday. Shopify SHOP.TO fell 4.7%.

The decline in technology shares was just rotation as "people have been de-risking the portfolios...as a little bit of a relief rally has been happening. So, taking some money off the table right now, a bit of a wait and see again," Sartorial Wealth CEO Shiraz Ahmed said.

Meanwhile, Trump on Wednesday called the Fed chief "terrible" and said he has a few people in mind as contenders for the top job, after repeatedly criticizing Powell for not cutting interest rates sooner.

The Wall Street Journal reported that Trump may replace Powell as early as September or October.

Separately, a Reuters poll of property experts showed that Canada home prices are set to decline 2% this year and stagnate in 2026 due to tariff war.

(Reporting by Twesha Dikshit and Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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