12:13 PM EDT, 05/16/2025 (MT Newswires) -- The Toronto Stock Exchange is up 11 points at midday, with most sectors higher.

The biggest gainer is healthcare, up 2.4%, followed by energy, up 0.4%.

Miners, down 2%, is the biggest decliner.

Derek Holt, Vice-President & Head of Capital Markets Economics at Scotiabank, in his morning note said "it's a Happy Friday for equities". A catalyst is an additional sign that U.S. President Donald Trump is backing down on tariffs, but trying to make it sound like he's not, Holt added. In a separate note on 'The Global Week Ahead' Holt wrote: "As markets skip past the denial and anger stages of dealing with tariffs into the bargaining and acceptance phases, an issue of growing interest is whether President Trump's goal of diverting untold riches toward investment in America behind a damaging tariff wall is working. Obviously, it's too early to tell with clear evidence."

In terms of stock specific news, MEG Energy ( MEGEF ) on Friday said its board will "consider and evaluate" Strathcona Resources' ( STHRF ) unsolicited offer to acquire all of MEG's issued and outstanding common shares it doesn't already own if and when a related take-over circular arrives.

In terms of economic news, National Bank has published a note that says Canada has been overtaken by Ireland in manufacturing, representing "an industrial wake-up call" for this country.

National Bank noted Canada enjoys a major comparative advantage within the OECD when it comes to providing affordable energy to its industries, especially in manufacturing, where natural gas and electricity alone make up over 60% of energy use. Unfortunately, this advantage, which should position Canada as a prime destination for foreign capital, has been completely eroded by excessive regulation. According to Statistics Canada, regulatory requirements in manufacturing have surged by 42% since 2005, now totaling over 105,000. "The result has been a profound atrophy of Canada's manufacturing base, unmatched across the industrialized world," the bank added.

According to National Bank, the decline has reached such an extent that Canada's factory sector is now smaller than Ireland's, a country with one eighth its population. The bank said: "Ireland's industrial ascent is a stark reminder of what Canada has lost to red tape and policy inertia. It's time for Ottawa to sound the alarm on regulatory overreach and complacency -- forces that now pose a direct threat to our national security and economic sovereignty, as the country posts the largest manufacturing trade deficits in its history."