Toronto Stocks Slightly Higher; Gildan Activewear Shares Slide

By Adriano Marchese

Toronto stocks were modestly ahead in midday trading on Wednesday.

Investors have been digesting Tuesday's Canadian CPI report for November showing that inflation remained unchanged at 3.1%. Analysts predictions were for a dip back below 3%.

Sector performance in the session was mixed with health tech, consumer discretionary and utilities the main laggards, offset by gains primarily in consumer durables, retail and energy.

Canada's S&P/TSX Composite Index was 0.13% higher, at 20867.43, and the blue-chip S&P/TSX 60 rose by 0.16%, to 1259.02.

The saga between Gildan Activewear and its former chief executive continued on Wednesday. Gildan said it is standing by its newly appointed CEO, Vince Tyra, saying that former CEO Glenn Chamandy refused to abide by the company's succession plan while he was leading the company, according to a letter from the board. Shares were down 2.1%, to 45.07 Canadian dollars (US$33.80).

Other market movers:

Shares of SNC-Lavalin Group, which has rebranded and is in the process of changing its name to AtkinsRealis, rose by 1.7%, to C$43.03, after the company said that it was appointed to support the design of the New Murabba masterplan in Saudi Arabia.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 20, 2023 12:19 ET (17:19 GMT)

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