Toronto Stocks Edge Higher; Cargojet Up on Higher Profit as Volumes Rise

By Adriano Marchese

Toronto stocks started the week slightly ahead mid-trading Monday. Investors await Tuesday's release of Canada's GDP data for the month of February and first-quarter estimates. Prior-estimates suggest a 0.4% month-over-month growth, according to FactSet.

Nearly all sectors in Canada were posting gains except for commercial services and health tech. Leading the gainers were health services, consumer durables and process industries stocks.

At midday, Canada's S&P/TSX Composite Index was 0.2% higher at 22022.90 and the blue-chip S&P/TSX 60 rose by 0.1% to 1317.61.

Cargojet shares were 0.9% higher at 116.67 Canadian dollars ($85.35) after it reported a rise in profit in the first quarter as volumes begin to improve. It said it has been working to optimize the fleet and flight schedules and that combined with increasing volumes, Cargojet is beginning to see signs of margin improvements.

Other market movers:

Alimentation Couche Tard said Monday that it will renew its share repurchase program to buy back up to 10% of its issued and outstanding shares over the course of the next one-year period. Shares are up 0.3% to C$77.96.

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

(END) Dow Jones Newswires

April 29, 2024 12:22 ET (16:22 GMT)

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