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Toronto Stocks Rise as BoC Maintains Rates; Pollard Banknote Jumps on 4Q Beat, Improved Pricing

By Adriano Marchese

 

Canadian stocks were moderately higher in midday trading Wednesday. The Bank of Canada kept its main interest rate unchanged for the first time in about a year, citing decelerating inflation in the country. Most sectors were higher at noon, led by consumer durables, tech and tech services, while only health tech, consumer services and producer manufacturing sectors were in the negative. Pollard Banknote Ltd. shares were higher after the company reported better-than-expected profit and revenue in the fourth quarter, and that it has seen success in repricing new contracts to reflect the higher-cost environment.

At midday, Canada's S&P/TSX Composite Index was 0.54% higher at 20384.37 and the blue-chip S&P/TSX 60 edged up 0.54% to 1226.04.

Pollard Banknote Ltd. shares were 11% higher at 20.33 Canadian dollars ($14.78) after reporting late Tuesday that net income more than doubled to C$10.5 million, from C$5.2 million a year earlier. On a per-share basis, net income was C$0.39, up from C$0.19, and beating analyst forecasts of earnings to remain at the same level. Revenue reached a fourth-quarter record for Pollard, rising 8.9% to C$126.9 million, and edging past analyst expectations of C$125.4 million.

 

Other market movers:

Shares in Nuvei Corp. were 9.4% higher at C$49.22 after the company reported better-than-expected revenue and adjusted earnings in the fourth quarter.

MEG Energy Corp. said it plans to launch a new share-repurchase program to buy back up to 10% of its outstanding common shares over the course of one year. Shares rose by 2.2% to C$23.08.

 

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

 

(END) Dow Jones Newswires

March 08, 2023 12:18 ET (17:18 GMT)

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