Canadian stocks started the new week on a bullish note as investors remained largely optimistic about the outcome of the ongoing trade negotiations and looked ahead to key economic catalysts later this week. The S&P/TSX Composite Index advanced by 336 points, or 1.3%, on Monday to settle at 25,304 — trimming its month-to-date losses to 0.4%.
Despite a minor weakness in utility stocks, most major sectors ended the session in positive territory, led by strong gains in technology, healthcare, and financials.
Notably, U.S. president Donald Trump signed an executive order imposing a 25% tariff on goods from any country that directly or indirectly imports Venezuelan oil. Although this development sparked concerns about potential supply disruptions, it also lifted crude prices, which, in turn, provided support to TSX energy stocks.
Top TSX Composite movers and active stocks
MAG Silver (TSX:MAG) surged by nearly 6% to $23.99 per share, making it the top-performing TSX stock for the day. This rally in MAG stock followed the Vancouver-based precious metals exploration company announcement of its 2024 financial results.
Operational efficiencies and high-margin production drove MAG’s net profit up by around 60% year over year in 2024 to US$77.8 million. Interestingly, the company ended the year with US$162.3 million in cash and no debt. MAG stock is now up 23% year to date.
Aritzia, Tilray Brands, and Shopify were also among the day’s top gainers on the Toronto Stock Exchange as they rose by at least 4.7% each.
On the flip side, Lightspeed Commerce (TSX:LSPD) dived by over 6% after cutting its fiscal 2025 revenue growth forecast to about 18%, citing deteriorating macroeconomic conditions, including weakened consumer confidence and small business sentiment. LSPD is expected to present its three-year strategic plan at its Capital Markets Day event on March 26.
NovaGold Resources, Northland Power, and Boralex also slipped by at least 2.8% each, positioning them among the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, TD Bank, Manulife Financial, and Telus were the five most active stocks on the exchange.
TSX today
After witnessing a downward correction in the last couple of sessions, metals prices traded on a slightly positive note in early trading on Tuesday, which could provide modest support to the TSX mining stocks at the open today.
With no major Canadian economic releases due today, investors will closely monitor the monthly U.S. consumer confidence and new home sales data this morning as both could offer fresh insights into the health of the U.S. economy and influence market sentiment on both sides of the border.
On the corporate events front, the TSX-listed NGEx Minerals will announce its latest quarterly results today after the market closing bell. Bay Street analysts expect the mining firm to post a net loss of $14 million for the December quarter.
Market movers on the TSX today
