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Toronto Stocks Rise; Couche-Tard Rises After Increased Buyback

By Adriano Marchese

 

Shares in Toronto were higher at midday Tuesday after bouncing earlier in the day. In the session, health services, utilities and commercial services were the lagging sectors while consumer durables and process industries led the risers. Alimentation Couche Tard Inc. shares were higher at midday after the company said that it would increase how many shares of its public float it would repurchase for cancellation.

At midday, Canada's S&P/TSX Composite Index was up 0.5% to 21207.90. The blue-chip S&P/TSX 60 was up 0.4% at 1287.37.

Couche Tard shares were 3.8% higher at C$53.25 after it announced that it will increase its share repurchase program to 46.8 million shares from a previous plan to repurchase 32.1 million shares.

 

Other market movers:

Spin Master Corp. shares jumped 10% to C$48.23 after it said that revenue growth was strong in the fourth quarter and full year, as products sales rose 21% in the year.

Hardwoods Distribution Inc. shares rose 8.7% to C$47.52 after the company said late on Monday its subsidiary agreed to acquire most of the assets of U.S.-based Mid-Am Building Supply Inc. for $270 million.

Opsens Inc. shares were up 9.2% to C$2.13 after announcing a five-year extension to its supply agreement with Abiomed Inc.

Shares in Geodrill Ltd. increased by 6.2% to C$2.39 after it said it secured a five-year drilling contract with gold producer Centamin PLC at their gold-mining operation in Egypt.

 

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

 

(END) Dow Jones Newswires

February 01, 2022 12:19 ET (17:19 GMT)

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