Toronto Stocks Advance; Spin Master Climbs on $950 Million Acquisition of Melissa & Doug
By Adriano Marchese
Toronto-listed stocks were moderately higher Wednesday at midday as the consumer-durables sector posted strong gains in the session. Other notable rises were in tech and producer manufacturing while health tech, process industries and energy were the outsize laggards.
Canada's S&P/TSX Composite Index was 0.42% higher at 19582.71. The blue-chip S&P/TSX 60 rose by 0.51% to 1176.17.
Shares of Spin Master were 4.8% higher at 35.34 Canadian dollars ($26.02) after the company said it agreed to buy U.S.-based toy maker Melissa & Doug for $950 million in cash. Spin Master expects the deal to introduce complementary capabilities in early childhood toys through Melissa & Doug's offerings of open-ended and developmental wooden toys.
Other market movers:
Shares in CGI were 2.2% higher after the company said it bought Miami-based information-technology and business consulting firm Momentum Consulting, bolstering its position in what it considers a key U.S. growth market.
MTY Food Group shares reversed course to fall 4% to C$54.35 after the company said its newest acquisitions have helped drive better-than-expected profit and revenue in the third quarter. Earlier in the morning, the stock climbed to a high of C$60.10.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 11, 2023 12:34 ET (16:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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