Toronto Stocks Climb, Cenovus Energy Shares Rise on 4Q Beat, Debt Repayment

By Adriano Marchese

Toronto-listed stocks were firmly higher. On the broader economic front, Canadian factory shipments pulled back in December largely because of a sharp drop in motor vehicle sales, capping a weak quarter for manufacturing in the country.

In Thursday's session, most sectors were trending higher, led by energy, materials and tech. On the decliner side, consumer durables, consumer services and retail were down the most.

At midday, Canada's S&P/TSX Composite Index was 1.11% higher at 21120.80 and the blue-chip S&P/TSX 60 rose by 1.10% to 1274.92.

Cenovus Energy's shares were 6.7% higher at 23.44 Canadian dollars after the Canadian energy company logged a stronger-than-expected result for the final quarter of 2023 and made progress toward its debt target.

Other market movers:

Canadian Tire shares were 2.7% lower at C$137.10 after the company reported profit and revenue declined and missed analyst forecasts in the fourth quarter, largely because of challenges among its retail brands.

Lightspeed Commerce shares was 4.5% higher, reaching C$19.18, after it said it reappointed its founder, Dax Dasilva, to the head role of the company on an interim basis, succeeding JP Chauvet who is stepping down.

Mullen Group's shares declined by 5.1% to C$14.57 after the Canadian trucking company warned it expected a soft first half to the new year as the economy faces headwinds and consumers appear to be stretched.

Shares in MTY Food Group were down by more than 11% to C$51.80 after reporting revenue growth in the fourth quarter that missed expectations as consumers remain diligent in where they spend discretionary budgets.

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

(END) Dow Jones Newswires

February 15, 2024 12:29 ET (17:29 GMT)

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