Surging commodity prices and prospects of more rate cuts in the near term helped Canadian stocks start the new week on a bullish note as fears of U.S. tariffs on steel and aluminum failed to dampen investor optimism. The S&P/TSX Composite Index climbed by 216 points, or 0.8%, on Monday to 25,659 — marking its highest closing so far in February.
While the healthcare sector traded on a weak note, solid gains in mining, technology, consumer cyclical, and energy stocks pushed the TSX index higher.
Top TSX Composite movers and active stocks
MDA Space (TSX:MDA) jumped by 13% to $24.76 per share, making it the top-performing TSX stock for the day. The rally in MDA stock came after the Toronto-based space tech firm signed a $1.1 billion contract with Globalstar to build over 50 next-generation low Earth orbit (LEO) satellites.
As the prime contractor, MDA will manufacture the AURORA software-defined satellites, marking a major expansion of its satellite production capabilities. This move will add $750 million to MDA’s backlog for the first quarter of 2025. Despite the recent rally, MDA stock is down 16.2% on a year-to-date basis.
Baytex Energy, BlackBerry, and Ivanhoe Mines were also among the day’s top gainers on the Toronto Stock Exchange, with each rising by at least 4.8%.
In contrast, Bombardier, Tilray, Aya Gold & Silver, and Energy Fuels slipped by at least 2.2% each, making them the session’s worst-performing TSX stocks.
Based on the daily trade volume data, Suncor Energy, Enbridge, TD Bank, Manulife Financial, and Baytex Energy were the five most active stocks on the exchange.
TSX today
U.S. President Donald Trump announced 25% tariffs on steel and aluminum imports on Monday, citing rising import levels and global excess capacity as threats to U.S. national security. With this, the U.S. revoked prior exemptions and quota agreements with most nations. This development is continuing to keep commodity prices in focus, which could lead to heightened volatility in mining and energy stocks on the TSX today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the Federal Reserve Chair Jerome Powell’s remarks about the economy and interest rates during his two-day testimony before Congress.
As the fourth-quarter corporate earnings season gains steam, several TSX-listed companies, including Shopify, First Capital REIT, Intact Financial, Toromont Industries, First Quantum Minerals, and International Petroleum, are expected to announce their latest quarterly results today, which will keep their shares in focus.
Market movers on the TSX today
