Toronto Stocks Climb; Air Canada Shares Soar on Improved Guidance
By Adriano Marchese
Toronto-listed stocks were up on Friday, putting them in step with markets globally.
The S&P/TSX Composite Index rose 1.27% to 20495.24 and the blue-chip S&P/TSX 60 gained 1.27% to 1237.85 at midday.
Consumer durables, energy and process industries led the advance, with only the communication and health technology sectors posting declines.
Despite Friday's gains both indexes are on pace to finish lower for a second consecutive week. For the year the S&P TSX has gained 5.75% and the S&P 60 has climbed 5.92%.
Air Canada shares rose 12% at 20.55 Canadian dollars ($15.18) after the company said Thursday it now expects adjusted earnings per share to be higher than previously anticipated thanks to stronger demand for travel and lower fuel prices.
Other market movers:
Magna International's shares rose 5.7% to C$71.84 after reporting better-than-expected revenue and profit in the first quarter. The auto parts manufacturer also saw higher production at its facilities in Europe and North America.
Shares of Brookfield Renewable Partners climbed 4.5% to C$41.854 after it reported a narrower first-quarter loss and better-than-expected revenue. The company operates publicly traded platforms for renewable power and decarbonization.
TransAlta's shares were up 3% to C$12.83 after the electricity power generation company said it had filed a case and served a claim to recover the repair costs to its Kent Hills wind facilities.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 05, 2023 13:09 ET (17:09 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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