Toronto Stocks Edge Higher; Copper Mountain Mining Rises on 2023 Production Outlook

By Adriano Marchese

Canadian stocks were moderately higher midday Monday, with most sectors posting minor gains in the session. Among the gainers, the health services, commercial services and tech sectors were the leaders, while the manufacturing, process industries and materials sectors were the main laggards. Copper Mountain Mining Corp. rose after it projected higher production and grade in 2023.

Canada's S&P/TSX Composite Index inched 0.23% higher at 19545.53 and the blue-chip S&P/TSX 60 nudged up 0.27% to 1174.86.

Copper Mountain Mining Corp. shares were 7.2% higher at 1.94 Canadian dollars ($1.41) after it said it expects production and grade to improve throughout 2023, with the third quarter expected to be the strongest. Copper Mountain said copper output in 2023 is expected to be between 88 million and 98 million pounds, up from 52.9 million pounds in 2022. Gold output is expected to be between 20,000 and 30,000 ounces, and silver between 350,000 and 400,000 ounces, up from 21,771 ounces of gold and 247,291 ounces of silver in 2022.

Other market movers:

Brookfield Renewable Partners L.P. said it will acquire Australian integrated electricity generator Origin Energy Ltd. with a consortium of other investors in a deal with an enterprise value tag of 18.7 billion Australian dollars ($12.43 billion). Shares are up 0.9% at C$40.31.

Dye & Durham Ltd. said it is considering a spinout of TM Group (UK) Ltd. instead of a sale to satisfy the U.K.'s competition regulator mandate to dispose of the recently acquired company. Shares were down 1.3% at C$18.00.

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

(END) Dow Jones Newswires

March 27, 2023 12:18 ET (16:18 GMT)

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