12:10 PM EDT, 07/21/2026 (MT Newswires) -- The S&P/TSX Composite Index rose 320 points at midday Tuesday with the mining sector adding 5%, making it the best performer, followed by energy, up 1.7%.

The weakest sectors are telecoms and utilities, down 0.4% and 0.3%, respectively.

In economic news, the US is imposing 50% tariffs on $20 billion of Canadian goods, including on some CUSMA-compliant products. The tariffs are expected to come into force on Aug. 19. In a statement, Prime Minister Mark Carney said: "Canada has made a series of detailed and comprehensive proposals to resolve this dispute and to modernise CUSMA. We stand ready to intensify those discussions in the coming weeks."

Magellan Aerospace ( MALJF ) shares are up 8.8% to C$35.00 after it was awarded a government contract to produce the M-72 Light Anti-Tank Weapon under Canada's Munitions Supply Program.