The Canadian stock market staged a handsome recovery on Wednesday as the Trump administration granted large automakers, complying with the United States-Mexico-Canada Agreement, a one-month exemption from the recently imposed 25% tariffs on imports from Canada and Mexico. After witnessing massive losses in the previous two days, the S&P/TSX Composite Index climbed by 299 points, or 1.2%, yesterday to settle at 24,871 — marking the benchmark’s biggest single-day percentage gain in over four weeks.
As tariff concessions raised investors’ hopes of a potential de-escalation in trade tensions, all key TSX sectors staged a sharp recovery, primarily led by mining, consumer, and technology stocks.
Top TSX Composite movers and active stocks
Ivanhoe Mines (TSX:IVN) rallied by 12.8% to $14.48 per share, making it the top-performing TSX stock for the day. This rally in IVN stock came after the Vancouver-based mining firm posted strong copper and zinc production for the first two months of 2025.
Ivanhoe’s Kamoa-Kakula Copper Complex produced 45,477 tonnes of copper in January and 40,849 tonnes in February. Its annualized copper production rate in the last week of February exceeded 578,000 tonnes, aligning with the top end of the company’s 2025 guidance. This positive news, coupled with a solid 5% intraday jump in copper prices, could be the main reason for driving IVN stock sharply higher.
Bombardier, First Quantum Minerals, and First Majestic Silver were also among the day’s top gainers on the Toronto Stock Exchange, with each surging by over 7%.
In contrast, Baytex Energy, Stella-Jones, Suncor Energy, and Imperial Oil slid by at least 2.8% each, making them the session’s worst-performing TSX stocks.
According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, Manulife Financial, Enbridge, and Baytex Energy were the five most active stocks.
TSX today
After staging the sharp rally in the last session, gold, silver, and copper prices were largely mixed in early Thursday trading, which could limit further upside for TSX mining stocks at the open today.
On the corporate events front, besides the domestic purchasing managers index data for February, the weekly U.S. jobless claims report will also be closely watched by Canadian investors.
As the session unfolds, attention will likely shift to corporate earnings reports and any further developments in U.S.-Canada trade talks, which could give further direction to stocks. Many TSX-listed companies, including CES Energy Solutions, Parex Resources, Ero Copper, and Canadian Natural Resources, will announce their latest quarterly results on March 6.
Market movers on the TSX today
