Assalamu Alaykum,
Welcome to our monthly economic and market update! As we enter a new month, here’s a recap of the key economic and market developments in Canada from March. Let’s get started.
Stock market updates
March delivered mixed results for Canadian markets. The S&P/TSX Composite Index saw a sharp decline of 11.85%, closing at C$22,506 — marking a significant pullback amid broader market volatility. On the other hand, the S&P/TSX Venture Composite Index showed resilience, rising 1.77% to finish at C$628.30. A month of contrasting performances between large-cap and venture stocks.
- Magna International inc has partnered with NVIDIA to integrate the next-gen NVIDIA DRIVE AGX platform, powered by the new DRIVE Thor SoC, into its future vehicle technologies. This collaboration aims to deliver scalable AI solutions for advanced driver-assistance systems (ADAS), autonomous driving, and interior cabin features.
- Lane One Transport is streamlining its freight brokerage operations by automating carrier communication and qualification through the integration of Parade CoDriver and Descartes Systems group inc. By using the AI-powered Parade CoDriver with Descartes’ Aljex TMS and MyCarrierPortal, the company now automates carrier interactions, captures real-time pricing data, and ensures only pre-qualified carriers are engaged.
- Lumine Group has finalized the acquisition of Vidispine from Arvato Systems, a Bertelsmann subsidiary. The deal includes the Vidispine brand and its business assets, expanding Lumine’s portfolio in media supply chain technology.
- A class action lawsuit has been filed against TFI International Inc, for alleged securities fraud affecting investors between April 26, 2024, and February 19, 2025. The complaint claims the company misled investors by concealing issues such as customer losses, declining revenue, and cost management problems. Investors have until May 13, 2025, to request lead plaintiff status.
Top gainer and top loser Halal stocks in Canada
Canada Economic updates
- Canada’s budget deficit for the first ten months of the 2024/25 fiscal year rose to C$26.85 billion, slightly higher than the C$25.67 billion deficit in the same period last year, as government spending outpaced revenue growth. Program expenses increased by 10.9%, driven by higher spending across most categories, while public debt charges surged 16.2% due to a rise in marketable bonds.
- Canadian home sales fell 9.8% in February from January, marking the largest monthly decline since May 2022, as economic uncertainty stemming from trade tensions kept buyers hesitant. On an annual basis, sales were down 10.4%, and the Home Price Index slipped 0.8% month-over-month, with the national average selling price declining 3.3% year-over-year.
- Canadian factory sales likely declined 0.2% in February from January, according to a flash estimate from Statistics Canada. The drop was primarily driven by weaker sales in the food and petroleum and coal product subsectors.
- Canada’s inflation rate surged to 2.6% in February from 1.9% in January, marking an eight-month high as the expiration of a sales tax break contributed to rising prices. On a monthly basis, inflation jumped 1.1%, and core inflation edged up to 2.9%.
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