24.03.202521:31:00UTC+00TSX Ends Sharply Higher

The Canadian market closed on a firm note on Monday with stocks from several sectors moving higher as investors indulged in some strong buying amid slightly easing concerns about potential new tariffs by the Trump Administration.

Investors reacting to reports that the U.S. will likely adopt a more moderate, targeted approach to upcoming tariffs.

The benchmark S&P/TSX Composite Index closed with a gain of 335.62 points or 1.34% at 25,304.11. The index opened with a positive gap of nearly 100 points at 25,060.21, and climbed to a high of 25,357.80.

Technology stocks moved up sharply, tracking Nasdaq. Healthcare, financials, energy and industrials shares were among the other major gainers. Several stocks from real estate and consumer discretionary sectors too posted notable gains.

Corus Entertainment zoomed more than 26%. The company announced late last week that it has completed an assignment of all the indebtedness and obligations under its Seventh Amended and Restated Credit Agreement dated October 24, 2024.

MAG Silver gained nearly 6%. The company that its net income for fiscal 2024 rose to US$77.8 million, or US$0.75 per share, from US$47.8 million, or US$0.47 per share, last year.

Aritzia, Interfor, Tilray, Shopify, NexGen Energy, Brookfield Infrastructure, Celestica, Enerflex, Canada Goose Holdings, Cronos Group, Peyto Exploration, Onex Corporation, BRP Inc., Martinrea International, Colliers International Group, CAE, Brookfield, Linamar and Aurora Cannabis gained 3 to 6%.

On the economic front, manufacturing sales in Canada are expected to have declined by 0.2% month-over-month in February 2025, following a 1.7% rise in January, according to preliminary estimates.

Canada's CFIB Business Barometer long-term index, which measures 12-month forward expectations for business performance, tumbled 24.8 points to a record low of 25.0 in March, the levels seen during the 2020 pandemic, and the 9/11 attacks. The reading marked the largest monthly drop since the index's inception in 2000.