S&P/TSX Composite

S&P Futures Down Near 0.45%

TSX Closer: The Index Rises For 11th Time In 13 Sessions As It Edges Back Towards Its Record Close

The Toronto Stock Exchange closed higher on Friday, rising for the eleventh time in 13 sessions on Friday with it appearing to be a case of, as BMO's Douglas Porter put it in the headline of his weekly column, "All Quiet on the (Middle) Eastern Front?" as Iran reopened the Strait of Hormuz to commercial shipping.The resources-heavy S&P/TSX Composite Index rose 294.06 points, or 0.85%, to close at 34,346.29. leaving it about 200 points off its record high, even with both commodity prices and sectors largely mixed. Not for the first time in the last week, Info Tech led gainers, up 1.85%, followed by Financials, up 1.5%, and then Industrials, up 1.2%. Decliners were led by Energy, down 4.9% as oil prices plunged following Iran's announcement.According to FactSet, the TSX going in to today up 3.92% month-to-date and up 2,339.47 points, or 7.38%, since the start of the year. It was off 1.42% from its 2026 closing high of 34,541.27 hit March 2.Within a technical analysis on global equity markets from Rosenberg Research, author Walter Murphy said in a commentary last month he had noted that Canada's TSX index had been probing Fibonacci resistance in the 33,851 area, the last point where the rally from last April's low is 1.618 times the earlier 2023-2025 uptrend. Five weeks later, the index is still probing 33,851. However, between then and now, the index fell to as low as 31,146 before recovering, Murphy said, before adding: that sell-off represented an almost 10% decline and carried the index to within view of 30,808 to 29,378 support.Underneath this price action, Murphy noted the weekly Coppock Curve continued to decline from its late-February secondary peak. "That is about to change," he said, and added: "There are indications that the oscillator has begun a bottoming process from above its neutral zero line that could continue into mid-May. Under that scenario, the Coppock indicator would likely be in a confirmed uptrend shortly thereafter."Murphy noted, 33,581 is "important Fibonacci resistance". He said under normal circumstances, March's 34,544 peak would be viewed as a decisive breakout. However, he added, the rapid decline to 31,146 means the TSX will have to prove itself again with a rally through March's high and that, in turn, would allow for further strength toward 35,842. "A possible move to 38,067 is stowed away in the cupboard (not yet on the stove's back burner)."March's 31,146 low is "key support", Murphy also noted, before saying "a breakdown will complete a top formation and allow for a deep test of 30,808-29,379."However, Douglas Porter, chief economist at BMO Capital Markets, noted equities are "putting the war in the rear-view mirror". He wrote: "The fact that the ceasefire is holding, a truce was reached in Lebanon, and reports are circulating that the U.S. may buy Iran's uranium -- a potentially elegant solution to two issues -- are buoying the markets. Even the U.S. blockade of Iran made only a fleeting mark on crude prices, with many viewing it as a short-term tactic which could hasten the end of the conflict. Iran further fueled the rally by declaring Friday the Strait is completely open to commercial ships, as long as the ceasefire holds (including no blockade)."Porter added: "While it's obviously premature to declare the war over, we can now better assess the economic damage, particularly with oil prices simmering down notably. The IMF weighed in this week with its previously scheduled semi-annual World Economic Outlook. While the tone was downbeat, or at best cautious, what was remarkable was how little the Fund changed its global growth outlook from its January update. Based on the main mild scenario, growth is expected to cool only slightly this year to 3.1%, from 3.4% in both its initial projection and for actual growth in 2025. The Fund noted that last year's growth rate ended up matching precisely the forecast at the start of 2025, as a variety of policy support measures offset the trade war impact -- clearly a lesson for assessing the impact of this year's war as well. We shaved our forecast for global growth a bit more than the IMF to 2.9% for this year, presumably based on a somewhat higher assumption for oil prices."Meanwhile, Porter in the same note said even with a tamer inflation outlook than, "well, just a week ago", markets are "stubbornly clinging" to the view that the Bank of Canada will hike rates later this year. Porter noted GoC yields nudged only slightly lower this week, and the market is still priced for one full hike in 2026. "True," he said, "that's down from almost three hikes just a few weeks ago, but it still looks heavy to us." Porter noted while the economy may have rebounded in February after a tough winter, GDP is up only 0.6% y/y and employment is up only 0.4% y/y, while housing remains in a deep slumber and trade uncertainty remains high as the USMCA review looms. "Our view thus continues to be that the best policy course for the Bank is to stand still, and if anything with an easing bias," he added.Of commodities today, West Texas Intermediate crude closed sharply lower after Iran reopened the Strait of Hormuz to commercial traffic, freeing up tankers trapped in the Persian Gulf and ending a supply shock that sent prices to four-year highs. WTI crude oil for May delivery closed down US$10.84, or 11.5%, to settle at US$83.85 per barrel, while June Brent oil was down US$9.45 to US$89.94.Gold was higher by midafternoon Friday as Iran reopened the Strait of Hormuz to commercial traffic, ending the largest ever energy supply shock and easing inflation fears. Gold for May delivery was up US$75.30 to US$4,883.60 per ounce.

National Bank On What It Will Be Watching For Next Week

National Bank noted the highlight of the week ahead will be the release of Consumer Price Index data for March on Monday. It said the surge in gasoline prices, a result of the conflict in the Middle East, will likely feed a 1.2% month-on-month rise in the headline index on a non-seasonally adjusted basis. This could cause the 12-month rate to rise from 1.8% to 2.6%, the highest level since February 2025. Core inflation could remain "more stable", with both CPI-median and CPI-trim likely holding steady at 2.3% on a 12-month basis, National Bank added.Another key event will be the release of the retail sales report for February, next Friday. Based on previously released car sales data, spending on motor vehicles and parts is expected to have contributed positively to the headline figure, as is spending at gasoline stations, which could have benefited from higher pump prices, National Bank said. All told, goods outlays could have increased by 0.9% in the second month of the year. Excluding automobiles, sales could also have increased, albeit at a slightly slower pace (+0.7%), it added.National Bank will also keep an eye on the release of the March Industrial Product Price Index (IPPI) on Thursday and the Bank of Canada's first-quarter Business Outlook Survey (BOS) on Monday.

CIBC On the Week Ahead In Canada Economics

According to Avery Shenfeld, nobody will be surprised to see headline CPI "take a big jump" in March on increases in gasoline. But, he said, it will be too soon to pick up any real news on the spillover from that for core inflation given that plane tickets that month were bought in advance, and non-food goods on the shelf had been shipped before diesel prices escalated. CIBC sees CPI up 1% in the month and 2.5% over the year, compared to a consensus of 1.1% and 2.6% respectively. The bank forecasts both CPI Core-Median and Trim will be up 2.3% year over year, compared to a consensus 2.4% and 2.3% respectively.Shenfeld said retail sales next Friday should show a "hefty" gain in February. He added while March could suffer from volume weakness outside gas stations, the Q1 picture for consumption looks to have been "quite good". While lower-income GST rebates and fuel excise tax cuts will cushion the blow, Q2 will take a hit from energy costs squeezing consumers, Shenfeld said. We'll need stronger employment numbers to get the retail sector on sustained growth path, he added. CIBC forecasts growth of 0.8% in both retail trade total and ex-auto for the month, versus a consensus of 0.9% and 0.8% respectively.CIBC also awaits the release Monday of both the Q1 Business Outlook Survey and the Canadian Survey of Consumer Expectation. Tuesday will see the auction of $16.4 billion in 3-M Bills, $5.8 billion in 6-M Bills and $5.8 billion in 1-YR Bills, followed Wednesday by the auction of $5 billion in 10-YR Canadas.Thursday will see the release of March Industrial Product Prices and Raw Materials data.

TSX Jumps Over 300 Points at Midday After Strait of Hormuz Re-opens

The Toronto Stock Exchange jumped 316 points at midday, after Iran re-opened the Strait of Hormuz to commercial traffic as ceasefire negotiations continue.Energy is the worst performer, down 6.8%. Crude oil is down near 12% to US$81.98 after Iran this morning reopened the Strait of Hormuz, freeing tankers trapped in the Persian Gulf and ending a supply shock that sent prices to four-year highs.The best performers are info tech (+2.4%) and financials (+1.7%).Canadian housing starts fell to 235.9k annualized units in March, down 6% month-on-month (m/m). Meanwhile, the six-month moving average of starts dropped 3% m/m to 248.4k units in March. March's decline was concentrated in the multi-family sector, with urban starts down 7% m/m to 184.9k units. Urban single-detached starts dropped 2% m/m to 39.1k units. Declines were broad-based regionally, with urban starts down in 8 of 10 provinces.As anticipated, TD Economics said, the "volatile" starts data pulled back in March after the prior month's gain. For the first quarter overall, housing starts were down 6% (not annualized), signaling that they will likely weigh on Q1 residential investment and overall GDP growth, the bank added."On a trend basis starts are well down from their September 2025 high. This downtrend should be sustained through the remainder of this year amid soft population growth, elevated unsold inventories, and weak past pre-sales activity key markets like the GTA. Upcoming government policies to remove the GST/HST on new homes and reduce development charges in Ontario should spur demand for newly built housing. However, some of the lift to starts from these policies could come after this year, given typical lags between pre-sales and starts," TD added.

TSX Opens About 160 Pts Higher As Iran's Foreign Minister Says Passage of Vessels Via Hormuz Strait is Open

Nasdaq 100 Futures Up 0.2% and &P Futures Up 0.25%

S&P Futures Up 0.2%

TSX Closer: Index Closes Lower On Some Profit Taking and Global Growth Concerns

The Toronto Stock Exchange was down Thursday for only the second time in twelve sessions on some profit taking, but also on lingering concerns around what impact the war on Iran will have on markets, as National Bank revised down its global growth forecast for 2026.The S&P/TSX Composite Index closed down 103.76 points, or 0.3%, to 34,052.23, even with most sectors higher, led by Telecom, up 1.1%, and Energy, up 1%, while Base Metals was up 0.2%. The Battery Metals Index was down 1.4%The TSX had been buoyed by improved sentiment around the outlook for the Canadian economy, as shown by a largely enthusiastic response to news this week that the federal Liberal Party now had enough seats in Parliament to form a majority government, and now has a free hand to pushing through its economic agenda. Canadians will learn more about that on April 28 when the Liberals will provide a fiscal update and outline its economic plans.Reflecting the improved sentiment, both Linamar (LNR.TO) and Martinrea International (MRE.TO) have within the last day maintained their full-year 2026 outlooks following the amendment of Section 232 tariffs on steel, aluminum and copper imports into the United States, which came into effect on April 6.Still, National Bank of Canada says the Middle East crisis has been ongoing for too long to leave no mark on the global economy.National Bank noted nearly seven weeks have passed since the United States and Israel launched their war on Iran, and although hopes for a negotiated peace between the warring parties have been revived in recent days, the bank said it is unlikely that the global economy will emerge from the crisis completely unscathed. For even though tensions have eased somewhat, the Strait of Hormuz remains effectively closed to shipping. Too many essential raw materials have therefore been stuck in the Persian Gulf for too long for global growth not to be affected in some way, it added.Even if the strait could be reopened to shipping quickly, it would likely still take several weeks to restore the normal flow of these goods, National Bank said. Not only because of the time it takes for ships to make the journey between the Middle East and other parts of the world, but also because of the difficulties associated with restarting production, it added.National Bank said while the economic consequences of the conflict will vary greatly from one country to another, they will nonetheless be negative on a global scale. That is why the bank revised down its global growth forecast for 2026, to 3.1% from 3.4%. This downward revision reflects less favorable outlooks in Europe and in emerging Asian countries. For 2027, the bank still expects global GDP to grow by 3.3%.Of commodities, West Texas Intermediate crude oil rose on Thursday, but remained below the US$100 mark on hopes the United States and Iran will extend their ceasefire and resume talks to end war in the Middle East. WTI crude oil for May delivery closed up US$3.40 to settle at US$94.69 per barrel, while June Brent oil was up US$4.29 to US$99.22.Gold prices weakened by midafternoon Thursday, remaining rangebound below US$5,000 as high oil and gas prices threaten to boost inflation and interest rates. Gold for May delivery was down US$15.40 to US$4,808.20 per ounce.

TSX Down 20 Points at Midday With Most Sectors Higher

The Toronto Stock Exchange is down 20 points at midday, with most sectors in the green.Telecoms and info tech the best performers, up 1.5% and 1.3%, respectively.In Canada, the focus was on the release of existing home sales data for March."Clearly, the market continues to struggle amid several headwinds, including soft job markets, economic uncertainty, falling population growth, and strained affordability," TD Economics said after a "soft" performance in Canadian home sales for March, following four straight monthly declines. TD added: "With these challenges in place, 2026 is shaping up to be another modest year for Canadian housing. Loose supply/demand balances should keep downwardly pressuring prices in B.C. and Ontario. Elsewhere, price growth should be firmer, but likely cool as the year progresses."New listings were also flat during the month. With new listings and sales both barely moving, the sales-to-new listings ratio stayed at 47.8% in March. "This is well below the long-term average and signals modest price growth moving forward", TD said.Average home prices were also flat in March, while the MLS home price index, a more 'like for like' measure, declined 0.4% m/m, and was down 4.7% on a year-on-year basis. Prices for detached units were down 0.3% m/m, while condo prices fell 0.9% m/m.The Canadian Real Estate Association (CREA) on Thursday cut its home sales growth forecasts for this year amid a "tepid" start to the year for the economy and higher odds of a Bank of Canada rate hike later this year to tame inflation resulting from the oil price spike. Some 474,972 residential properties are forecast to be sold in 2026, a 1% increase over 2025, CREA wrote. This is below the 5.1% increase forecast that it released in January. The national average home price is forecast to rise 1.5% on an annual basis to $688,955 this year, less than the 2.8% growth CREA saw in January. In 2027, national home sales are forecast to climb a further 2.1% to 485,071 units. This could be revised above the 500,000 mark should higher interest rates prove unnecessary to fight inflation, added CREA.In company news, First Capital REIT (FCR-UN.TO) is to be acquired by Choice Properties REIT (CHP-UN.TO) and and KingSett in a cash and units deal valued at $9.4 billion. The transaction also involves George Weston (WN.TO).

TSX Up Another Near 160 Pts; Now Within About 250 Pts Of All Time Closing High Level After 10 Up Days In Last 11

TSX Closer: The Index Continues Its Winning Streak on Bullish Fundamentals

The Toronto Stock Exchange closed higher again on Wednesday, continuing a streak that has seen in rise in all but one of the past 11 sessions as investors, already bullish on market fundamentals even amid geopolitical turbulence, were further buoyed by optimism around the Canadian economy ahead of the federal government's Spring Fiscal Update scheduled for April 28.The S&P/TSX Composite Index closed up 53.63, or 0.15%, to 34,155.99, with most sectors higher and Info Tech, up near 3.6%, leading the way for the third successive day. Industrials, down near 0.9%, was the biggest loser.Tuesday's gains leave the TSX within 400 points of its record close of 34,541.27 hit on March 2. According to FactSet the TSX going in to today was up 4.07% over the past month and up 2,389.60, points or 7.54%, since the start of the year. The index has climbed 36.04% since the Jan.29, 2025 U.S. Inauguration Day.With the 2026 provincial budget season largely in the rearview mirror, the only major government left to update its fiscal outlook is the Government of Canada, Desjardins noted.Among highlights in its Federal Spring Economic Statement 2026 Preview, Desjardins said many of the changes since the introduction of Budget 2025 have been in the federal government's favor, particularly in relation to the economy. That, it added, has freed up fiscal room to increase defense spending and transfers to households while still posting an improved deficit and debt outlook relative to the budget.Desjardins said Canada remains one of the "cleanest fiscal dirty shirts" among advanced economies, and investor demand for government debt reinforces that positive sentiment. Desjardins does not expect a credit downgrade is in the Government of Canada's future, "at least not in the near term"."But this shouldn't be taken for granted," Desjardins said, before adding: "Despite the economic tailwind, risks loom on the horizon. These include the Canada-United States-Mexico Agreement (CUSMA) joint review and rising interest rates. The Government of Canada would be wise to keep some fiscal powder dry in case it needs to confront these risks."Last month, National Bank noted, Bank of Canada Governor Tiff Macklem was asked if an oil price shock is net positive or negative for the Canadian economy. Too early to tell was his dissatisfying answer, but he did explain that "the energy sector will do better, while consumers will be more squeezed". According to National Bank, one beneficiary he failed to mention were governments. It said: "Fiscal upside is easy to identify in oil-producing provinces, where crude futures curves imply a significant boost to non-renewable resource revenues. While not directly clipping oil royalties, the federal government stands to benefit too."For resource-rich nations like Canada, National Bank said, rising commodity prices are "a boon" to the terms of trade. All else equal, this boosts the GDP deflator and overall nominal output, which is strongly correlated with government revenue. Even before the Middle East conflict began, National Bank noted, GDP was trending on a higher plane due to economic resilience in 2025 and positive historical revisions. Together, it suggests that 2026 nominal output could be 4%, or $130 billion, higher than the feds assumed in their fall budget, National Bank added.National Bank estimates this GDP surprise is consistent with at least $20 billion in additional revenue in 2026-27, plus some upside to 2025-26. It said extra cash last fiscal year is consistent with Ottawa under-borrowing relative to their DMS plan, and interim fiscal results imply the same. However much upside revenue is realized, one key fiscal benchmark has materially improved. Canada's 2026-27 net debt-to-GDP ratio is tracking 1.6%-pts below the budget plan due to the extra GDP.A natural comparison to this episode, National Bank noted, came in 2022. Back then, surging commodity prices saw an additional $56 billion flow into government coffers relative to earlier plans. National Bank said the windfall will not be as large this time as the demand backdrop is weaker and the basket of commodity prices rising is narrower. "Like four years ago though, it will be difficult to resist spending some of the surprise income. And right on cue, Ottawa temporarily cut federal gas taxes. Still, we'd imagine a government that aims to "spend less" will let some revenue flow to the bottom line."Of commodities, West Texas Intermediate crude oil closed up by a penny Wednesday as U.S. President Trump again declared the war on Iran is near an end while traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily oil demand off the market. WTI crude oil for May delivery closed up US$0.01 to settle at US$91.29 per barrel, while June Brent oil was up US$0.23 to US$95.02.Gold moved lower on Wednesday even as the dollar eased, with the price of the precious metal rangebound amid faltering hopes for lower U.S. interest rates as the war on Iran pushes up energy prices. Gold for May delivery was down US$33.80 to US$4,816.30 per ounce.

TSX up 27 Points at Midday With Info Tech The Best Performer

The Toronto Stock Exchange is up 28 points at midday, with most sectors lower.Info tech and healthcare are the best performers, up 2.6% and 1.1%, respectively, followed by the financials sector, which is 0.7% higher. Canadian banks and life insurers are either at or approaching record highs.Industrials is the worst performer, down 0.6%.In economic news, Canadian manufacturing sales increased 3.6% to $71.2 billion in February, driven largely by higher sales of transportation equipment, machinery, and primary metals, StatsCan reports. Sales rose in six provinces in February, led by Ontario and Quebec, while Alberta posted the largest decline.Wholesale sales (ex-petroleum and grains) rose 2.0% in February to a seasonally adjusted $86. 8billion, StatsCan said.In company news, BRP (DOO.TO) shares have plunged 37% to its lowest level since last July, after it suspended its FY 2027 guidance following the implementation of a revised U.S. tariff regime that will see a 25% tariff on its snowmobiles and most of its offroad vehicles.

TSX Down About 60 Pts Early Wednesday After Nine Full Winning Sessions In Last 10

Nasdaq 100 Futures and S&P Futures Both Flat

S&P Futures Flat, But Near All Time Highs

TSX Closer: Index Up For the Ninth Winning Session in the Last 10; Investors Buoyed By Economic Updates

The Toronto Stock Exchange closed higher on Tuesday, rising for the ninth time in the past 10 ten sessions, with investors possibly getting fresh encouragement from news the Canadian federal government will later this month provide a spring economic update that is expected to outline its plans for overcoming high oil prices due to the Iran war, and lingering trade disputes with the United States.The S&P/TSX Composite Index rose 223.12 points, or 0.65% to 34,102.36, leaving it less than 500 points from its March 2 record close of 34,541.27. Most sectors were higher, led by Info Tech, up 2.75%, for the second session in a row. Energy, down 2.4%, was the biggest loser as the oil prices dropped.On the political and economics front, Finance Minister Francois-Philippe Champagne told Parliament on Tuesday the federal government will table its spring economic update on April 28, marking the first anniversary of the Liberals' general election win.CTV News noted it will be Prime Minister Mark Carney's first since his cabinet flipped the release schedule for its budgets and fiscal updates.The federal government has already started to flag some of the details likely to be at the heart of the economic update. CTV News noted the government is set to temporarily suspend the federal fuel excise tax on gas and diesel starting next week. Carney made the announcement in Ottawa on Tuesday, just hours after his government secured a majority through three byelection wins and some recent floor crossings involving Members of Parliament from other parties.CTV News noted the tax suspension is expected to reduce the cost of gas by 10 cents per liter on regular gas, and four cents on diesel. The suspension will come into effect on April 20 and last until Sept. 7, and comes as global oil prices remain volatile amid U.S.-Iran tensions.Speaking to reporters following the announcement on the federal fuel excise tax, Carney signaled the spring economic update will include some restructuring of already announced measures. "We're putting in place a series of measures. Some will have short-term payoffs. Many will have payoffs in a few years," Carney said. "The bigger projects, the bigger initiatives, we have to change fundamentally our economy to be stronger, more independent, more prosperous, but we want to make sure that those benefit all Canadians.""In (the spring update), you'll see more emphasis on taking where we're going with the economy and making sure that it benefits all Canadians," he added.Still on economics, National Bank Canada said Canada has preserved a fiscal edge, despite moves to protect the economy as highlighted in the latest International Monetary Fund update.The IMF on Tuesday trimmed its 2026 forecast for Canada's gross domestic product growth by 0.1 percentage points to 1.5%, while keeping the estimate at 1.9% for next year. The IMF published its latest World Economic Outlook on Tuesday. Canada's GDP expanded 1.7% in 2025.National Bank economist Ethan Currie and Warren Lovely said while Canada's growth outlook is largely unchanged, they noted governments have moved to protect and defend a trade-sensitive economy. "That extra budgetary red ink is captured in this latest MF forecast. Net borrowing is seen as more substantive yet again, which is directionally inconsistent with other G7 countries, who saw improvements relative to the Oct-26 IMF report," the National Bank duo noted.But that, they said, is not to say Canada does not remain in a favorable fiscal standing. They added: "The budget deficit, while loftier following the pandemic, remains contained relative to other jurisdictions, particularly the U.S., which isn't expected to see the same level of consolidation in years to come. Meantime, Canada's serious net debt edge, brought on by plentiful financial assets at the government/public pension level, is only set to build from here."Of commodities today, West Texas intermediate crude oil closed sharply lower after U.S. President Trump said further talks with Iran in Pakistan "could be happening over next two days", while the International Energy Agency said it expects oil demand to fall this year on a lack of supply as the Strait of Hormuz remains essentially closed. WTI crude oil for May delivery was closed down $7.80 to settle at US$91.28 per barrel, while June Brent oil was down US$4.58 to US$94.78.Gold traded higher Tuesday as the dollar fell after the United States reported U.S. wholesale price inflation rose less than expected last month. Gold for May delivery was last seen up $82.90 to US$4,850.30 per ounce.

Federal Govt Will Table Its Spring Economic Update on April 28

The federal government will table its spring economic update on April 28, marking the one-year anniversary of the Liberals' general election win, Finance Minister Francois-Philippe Champagne told Parliament on Tuesday.CTV News noted it will be Prime Minister Mark Carney's first since his cabinet flipped the release schedule for its budgets and fiscal updates.Separately, CTV News noted the federal government is set to temporarily suspend the federal fuel excise tax on gas and diesel starting next week. PM Carney made the announcement in Ottawa on Tuesday, just hours after his government secured a majority through three byelection wins and some recent floor crossings involving members of parliament from other parties.According to the federal government, the tax suspension is expected to reduce the cost of gas by 10 cents per litre on regular gas, and four cents on diesel. The suspension will come into effect on April 20 and last until Sept. 7, and it comes as global oil prices remain volatile amid U.S.-Iran tensions.

Canada's Finance Minister, Francois-Philippe Champagne, Announces April 28 As Date For Spring Fiscal Update

TSX up 152 Points at Midday, Led by Gains in Tech Stocks and Financials

The Toronto Stock Exchange is up 152 points at midday, climbing back over the 34,000 mark, with tech stocks (+3.3%) the best performer, followed by financials (+0.7%).Energy, pulled down by lower oil prices, is the biggest decliner, down 2.3%.In domestic news, Prime Minister Mark Carney, who now has a Liberal majority after winning three byelections on Monday, announced this morning that Canada will suspend a federal fuel tax on diesel and gasoline until Labour Day.In company news, Chemtrade Logistics (CHE-UN.TO) units have plunged 17.4% to $14.67 after it reported that a rezoning application for its facility in North Vancouver, B.C., was rejected. The facility is the largest producer of liquid chlorine to treat drinking water in Canada, producing over 40% of the country's supply.The market just wrapped up a relatively solid quarter, marked by economic and geopolitical uncertainty, ending with Canadian stocks in the green, Morningstar wrote recently.The Morningstar Canada Index is up over 5% in the year to date and nearly 50% over the past 12 months, led by the energy and basic materials sectors. Amid the market turbulence, it said four stocks in the telecom, consumer cyclical, and industrials sectors look the most undervalued.These are Thomson Reuters (TRI.TO), Gildan Activewear (GIL.TO), Rogers Communications (RCI-B.TO) and Telus (T.TO). Morningstar analysts think these stocks have a "narrow economic moat", meaning they should maintain a competitive edge for the next 10 years.