By Ragini Mathur and Fergal Smith
(Reuters) - Canada’s main stock index rose on Wednesday to its highest closing level in over a week, helped by gains for industrial and technology shares, as investors awaited U.S. President Donald Trump’s announcement of sweeping new trade tariffs.
Toronto Stock Exchange’s S&P/TSX composite index ended up 273.90 points, or 1.1%, at 25,307.18, its third straight day of gains and its highest closing level since March 25.
Trump was set to announce reciprocal tariffs on global trading partners after the close which would escalate a trade war.
"We are heading into a very, uncertain period and it is going to be a rough ride ... this is a day where people should be already positioned in what they consider to be safer havens," said Michael Sprung, president at Sprung Investment Management.
The technology sector added 2.5%, with electronics equipment firm Celestica Inc (NYSE:CLS) up 4.3%.
Industrials rose 1.5% as railroad shares advanced and heavily weighted financials were up 1.1%. Energy added 0.7% as the price of oil settled 0.7% higher at $71.71 a barrel.
Communication services added to its recent declines, weighed by a 4.3% decline for the shares of BCE Inc (NYSE:BCE).
Shares of BlackBerry (NYSE:BB) Ltd ended 9.2% lower after the cybersecurity company forecast a decline in annual revenue.