Toronto Stocks Edge Higher; Cargojet Rises on Higher 1Q Profit

By Adriano Marchese

Stocks in Toronto were slightly higher mid-trading Monday, coming off highs earlier in the morning. The Canadian government and one of the country's main public-sector unions, Public Service Alliance of Canada, reached an agreement covering 120,000 employees to end a 12-day strike. Most sectors were trending higher, with process industries and energy as the main laggards offsetting gains primarily in technology, transportation and commercial services.

Canada's S&P/TSX Composite Index inched forward 0.13% to 20664.39 and the blue-chip S&P/TSX 60 rose by 0.12% to 1247.35.

Shares of Cargojet Inc. were 4.6% higher at 106.57 ($78.56) after it reported a swing to a profit in the first quarter, despite lower-than-expected revenue on consumer behavior. The company cited a shift in consumer spending more towards services than goods, which weighed on performance, but it said it anticipates spending trends will normalize in the latter part of this year.

Other market movers:

CubicFarm Systems Corp. shares were down 20% to C$0.02 after it said it postponed again its year-end results for 2022 following a slash in its workforce that left its finance department shorthanded. Its new target date for filing is May 5.

Mullen Group Ltd. said it has agreed to acquire Alberta-based transportation company B. & R. Eckel's Transport Ltd. for an undisclosed sum. Shares rose 1.9% to C$15.30.

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

(END) Dow Jones Newswires

May 01, 2023 12:30 ET (16:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.