Toronto Stocks Climb; SNC-Lavalin Up on 4Q Beat, 2024 Outlook
By Adriano Marchese
Stocks in Toronto were firmly in green territory, with the S&P/TSX Composite Index 218.77 points higher at midday on Friday. Canadian manufacturing activity picked up in January, moving closer to stabilizing with easing declines in output and new orders.
Sector performance was positive, with all sectors pushing higher in the session. Tech was the outsized leader, followed more distantly by materials and energy.
At midday, Canada's S&P/TSX Composite Index was 1.02% higher at 21581.54 and the blue-chip S&P/TSX 60 rose by 0.98% to 1303.04.
SNC-Lavalin Group shares were 9.7% higher at 50.31 Canadian dollars ($37.05) after the services and project-management company, which operates as AtkinsRealis, reported better-than-expected earnings and set its guidance for 2024, driven by the strong performance in its nuclear and engineering services segments.
Other market movers:
Shares in Canadian Western Bank were down 2.4% at C$28.30 after it reported lower earnings in the first quarter of the regional lender's fiscal year, due largely a rise in loan-loss provisions that offset higher net interest income.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 01, 2024 12:18 ET (17:18 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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