Toronto Stocks Continue Retreat; Enghouse Systems Gains on Asset, Brand Acquisition
By Adriano Marchese
Toronto stocks were mildly lower on Wednesday mid-trading, continuing the decline after the S&P/TSX Composite Index shed more than 1.4% on Tuesday. The market is digesting yesterday's inflation data that showed a slight uptick in inflation in Canada, driven by higher rent prices and mortgage payments and what it could mean for potential interest-rate increases by the Bank of Canada. In the session, Canada's materials, communications and utilities sectors were the main of few decliners, which offset gains primarily in tech, tech services and consumer durables.
Canada's S&P/TSX Composite Index was down by 0.19%, to 20204.01. The blue-chip S&P/TSX 60 fell by 0.27%, to 1218.08.
Shares of Enghouse Systems rose 2.5%, to 36.15 Canadian dollars (US$26.82), after the company said it agreed to acquire all assets and brands of video- and audio-telecommunications-company Lifesize which went into bankruptcy.
Other market movers:
Gibson Energy's shares rose by 4.9%, to C$22.48, after giving the approving the construction of two tanks at its Edmonton terminal in Alberta, a development that would be underpinned by a 15-year take-or-pay fee-based contract with oil sands customer Cenovus Energy.
Avanti Helium shares rose 4%, to C$0.52, after the company said it had secured a lease agreement for land in Montana to build its new helium-recovery plant.
Medaro Mining shares were up by 6.7%, to C$0.08, after it said that it has agreed to acquire lithium-mining claims in the James Bay region of Quebec.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 17, 2023 12:22 ET (16:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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