Toronto Stocks Gain; Mullen Group Rises on Strong 1Q Results

By Adriano Marchese

Toronto-listed stocks were up on Thursday with most sectors pushing the S&P/TSX Composite Index higher.

Consumer durables were the biggest gainers, followed by process industries and health services. The Canadian technology sector was the leading laggard, with small losses in industrial services, consumer discretionary and transportation.

At midday, Canada's S&P/TSX Composite Index rose 0.45% to 20458.47. The blue-chip S&P/TSX 60 climbed 0.49% to 1235.34.

Mullen Group Ltd. shares were 4.4% higher at 14.60 Canadian dollars ($10.71) after reporting a first-quarter profit that doubled from a year ago thanks to strong growth from its largest business segments, which drove revenue above expectations.

Other market movers:

Pan American Silver Corp. shares rose 2.6% to C$23.71 after the company said it expects improved precious metals production thanks to a Canadian gold mine recently acquired from Yamana Gold.

DRI Healthcare Trust shares jumped nearly 14% to C$9.01 after they announced the sale of their royalty interest and milestone-payment obligation in the worldwide sales of the biologic drug TZIELD to a subsidiary of Sanofi S.A. for $210 million.

Waste Connections Inc. shares fell 3.6% to C$184.43 even after the North American garbage collection and disposal company affirmed its full-year guidance. Their first-quarter earnings rose by almost 10% thanks to price-led organic growth and recent acquisitions.

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

(END) Dow Jones Newswires

April 27, 2023 12:38 ET (16:38 GMT)

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