The stability of axisymmetric steady thermocapillary convection of electrically conducting fluids in half-zones under the influence of a static axial magnetic field is investigated numerically by linear stability theory. In addition, the energy transfer between the basic state and a disturbance is considered in order to elucidate the mechanics of the most unstable mode. Axial magnetic fields cause a concentration of the thermocapillary flow near the free surface of the liquid bridge. For the low Prandtl number fluids considered, the most dangerous disturbance is a non-axisymmetric steady mode. It is found that axial magnetic fields act to stabilize the basic state. The stabilizing effect increases with the Prandtl number and decreases with the zone height, the heat transfer rate at the free surface and buoyancy when the heating is from below. The magnetic field also influences the azimuthal symmetry of the most unstable mode.