TSX Ends 1.2% Up; Technology And Materials Stocks Move Up Sharply

(RTTNews) - The Canadian market closed on a strong note on Wednesday as stocks rallied on news the Trump administration is considering reducing the tariffs on Canadian and Mexican imports.

The mood remained positive following U.S. Secretary of Commerce Howard Lutnick hinting at some potential adjustments for U.S. tariffs on Canada and Mexico, noting that carve-outs for some industries are a possibility.

"There are going to be tariffs, let's be clear," Lutnick reportedly told Bloomberg Wednesday morning in a live interview. "It will be 25% but.....there will be some categories left out; it could well be autos, could be others as well," he said.

Materials, consumer discretionary and technology stocks rose sharply. Shares from industrials and consumer staples sectors were among the prominent gainers.

The benchmark S&P/TSX Composite Index ended with a gain of 298.82 points or 1.22% at 24,870.82.

Ivanhoe Mines soared 12.8%. Bombardier Inc., and First Quantum Minerals climbed about 10% and 9.6%, respectively.

First Majestic Silver, Oceanagold, Magna International, Hudbay Minerals, Capstone Mining, Teck Resources, Ero Copper, Lundin Mining and Novagold climbed 6 to 7.5%.

SSR Mining, Novagold, Lundin Gold, Orla Mining, MDA Space, K92 Mining, BlackBerry, MAG Silver, Pan American Silver Corp., Alamos Gold, Aritzia, BRP, Linamar Corporation, Equinox Gold, Tilray, Air Canada, Quebecor, Premium Brands, Onex Corp, Shopify and Barrick Gold Corporation also posted strong gains.

Baytex Energy, Stella-Jones, Suncor Energy, Pembina Pipeline, Vermilion Energy, Parex Resources, Imperial Oil, Pet Valu Holdings, Whitecap Resources, Bank of Montreal and National Bank of Canada ended notably lower.

On the economic front, the S&P Global Canada Composite PMI declined to 46.8 in February 2025, down from 49.5 in January, marking the steepest contraction in private sector output since January 2024.

The S&P Global Canada Services PMI plummeted to 46.6 in February of 2025 from 49 in the previous month, contracting for the third consecutive month.

Productivity in Canada increased to 102.37 points in the fourth quarter of 2024 from 101.78 points in the third quarter of 2024, data from Statistics Canada said.