Toronto Stocks Advance as BoC Raises Interest Rates; Laurentian Bank Surges on Strategic Review Launch
By Adriano Marchese
Stocks in Toronto were firmly higher at midday Wednesday. Canada's central bank raised its main rate a quarter of a point to 5%, saying it would take longer than expected to reach 2% inflation. Canadian financials were among the top gainers in the session, responding well to the news, with gains also in the materials and consumer services sectors. Of the few decliners, retail was the outsized laggard.
At midday, Canada's S&P/TSX Composite Index was up 0.75% at 20028.32 and the blue-chip S&P/TSX 60 rose 0.69% to 1201.02.
Laurentian Bank of Canada shares were up over 26% to 42.31 Canadian dollars ($31.97) after the Canadian bank said late Tuesday that it would launch a strategic review of the business, which analysts say could include a potential sale.
Other market movers:
Theratechnologies shares were down 12% at C$1.11 after the company reported that lower fiscal second-quarter sales of its main drugs took revenue below expectations and triggered new cost-saving measures across the company.
Orla Mining shares were up 5.6% at C$6.05 after it said that at the half-way mark, it remains on track to reach its full-year gold production targets.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 12, 2023 12:26 ET (16:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
Is the Era of Volatility-Suppressing Policies Possibly Over?
-
5 Undervalued Stocks That Crushed Earnings for Q1 2024
-
What Does Nvidia’s Stock Split Mean for Investors?
-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
2 Wide-Moat Stocks to Consider
-
Live Nation: Breakup Sought by Department of Justice Probably Wouldn’t Affect Fair Value Much
-
After Earnings, Is Applied Materials Stock a Buy, Sell, or Fairly Valued?
-
The Best Energy Stocks to Buy
-
Snowflake Earnings: Mixed News, But Signs of Stability
-
Nvidia Earnings: AI Demand Smashes Expectations Again
-
After Earnings, Is Walmart Stock a Buy, a Sell, or Fairly Valued?
-
Target Earnings: Margins Hold Up, but Top Line Constrained by Weak Discretionary Spending