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Toronto Stocks Climb; Canopy Growth Rises on Divestiture of Its Canadian Retail Operation

By Adriano Marchese

 

Toronto-listed stocks were higher mid-trading Wednesday after a rocky morning and after closing lower Tuesday for the sixth day in a row. The improved sentiment in Canada is in part due to the Bank of England stating that it will buy bonds to halt further declines. In the session, only producer manufacturing and utilities were posting declines, while materials, energy and process industries led the gainers. Canopy Growth Corp. shares were higher after the company said it would divest its retail business in Canada.

At midday, Canada's S&P/TSX Composite Index rose by 1.11% to 18511.51. The blue-chip S&P/TSX 60 was up 0.98% to 1122.92.

Canopy Growth shares were 3.8% higher at C$4.08 after it said that it would sell its corporate stores in Canada to two buyers and double down on its brand-focused cannabis and consumer packaged goods segment.

 

Other market movers:

Algoma Steel Group Inc. shares fell 9.7% to C$9.18 after the company warned that shipments and prices for its products were lower and it faced operational challenges in its fiscal second quarter that will weigh on earnings.

Sandstorm Gold Ltd. shares declined by 9.1% to C$6.93 after the gold royalty company said it has raised US$80 million in a bought deal with a number of underwriters.

Copper Mountain Mining Corp.'s shares were 9.9% higher at C$1.42 after the company raised its estimate for production and copper reserves at its flagship mine.

 

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

 

(END) Dow Jones Newswires

September 28, 2022 12:15 ET (16:15 GMT)

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