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Canadian Market Rises as Tariff Concerns Ease

Canadian stocks rallied on Monday as tariff worries diminished. The S&P/TSX Composite Index saw significant gains, bolstered by technology and healthcare sectors, while Corus Entertainment and MAG Silver stood out with impressive performance.

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AI Rating:   6

Market Overview
The Canadian market experienced a strong closing on Monday, bolstered by a positive investor sentiment due to easing concerns regarding potential tariffs by the Trump Administration. This trend indicates a more measured approach might be adopted for the upcoming tariffs.

S&P/TSX Performance
The benchmark S&P/TSX Composite Index saw a substantial gain of 335.62 points or 1.34%, closing at 25,304.11. The trading session opened positively and demonstrated strong upward momentum throughout the day, reaching a peak of 25,357.80.

Sector Performance
Notable gains were observed primarily in the technology sector, which advanced sharply, mirroring trends seen in the Nasdaq, alongside substantial contributions from healthcare, financials, energy, and industrials. Other sectors such as real estate and consumer discretionary also witnessed notable increases.

Company Highlights
Corus Entertainment stood out with a remarkable increase of more than 26%. The company announced the completion of a significant financial agreement, buoying investor confidence. Furthermore, MAG Silver reported a substantial increase in net income, rising to US$77.8 million or US$0.75 per share, which is an increase from the previous year’s figures of US$47.8 million or US$0.47 per share. This growth is indicative of the company's improving profitability.

Economic Indicators
However, on the economic front, there are signs of potential weakness, as manufacturing sales in Canada are expected to decline by 0.2% month-over-month in February 2025. Moreover, the CFIB Business Barometer Index has experienced an unprecedented drop, reaching its lowest point since inception, which indicates poor expectations for business performance in the near future.

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