TSX Rebounds as Magna Surges and Tariff Rollback Hopes Lift Steel

Market sentiment shifted following reports that President Trump is considering a rollback of levies on key industrial metals. The news triggered a significant rally for domestic producers, with Algoma Steel shares jumping 12% to C$6.51. This potential policy shift provided a critical tailwind for the materials and manufacturing sectors, which outperformed the broader market throughout the trading session.

Corporate Growth and Infrastructure

Magna International emerged as the day's standout performer, with its stock price soaring 17% to C$92.32. Despite forecasts of stagnant global vehicle production, the auto-parts giant reassured investors by outlining ambitious growth targets and resilient profit margins. Meanwhile, Enbridge added 3.8% after reporting robust fourth-quarter earnings. The energy infrastructure firm revealed it is weighing more than C$10 billion in near-term projects, specifically aimed at servicing the surging energy needs of data centers and expanding LNG export capacity.

The day’s gains extended to the aviation sector, where Air Canada rose 3.1% on the back of strong fourth-quarter demand and a return to profitability. However, the rally was not universal. Colliers International Group saw its shares retreat 7.4% following a disappointing earnings report, a decline the market attributed to broader anxieties regarding how artificial intelligence might disrupt the service-firm landscape.