Toronto Stocks Edge Forward; TransAlta to Acquire all Shares of TransAlta Renewables

By Adriano Marchese

Stocks in Toronto were slightly above Monday's close at midday as investors await the Bank of Canada's decision on interest rates on Wednesday. Analysts are expecting another 25-basis-point boost. Sectors were performing with mixed results, with healthcare and energy leading the gainers, while industrials, consumer discretionary, staples and communication services were the main decliners.

Canada's S&P/TSX Composite Index was up 0.16% at midday, reaching 19855.02. The blue-chip S&P/TSX 60 was 0.13% higher at 1191.29.

TransAlta and TransAlta Renewables said they will merge, with TransAlta acquiring all the shares it doesn't currently own of TransAlta Renewables. TransAlta shares were up slightly, inching 0.37% higher to 12.28 Canadian dollars ($9.25). TransAlta Renewables jumped over 18% to C$12.99.

Other market movers:

MTY Food Group shares were 4.9% higher at C$64.38 after the Canadian franchiser and operator of casual dining and quick-service restaurants reported a beat to earnings and revenue in its fiscal second quarter as the company continues to integrate its recent acquisitions into the business.

New Gold saw a 45% increase in gold production in its second quarter due in large part to higher mill availability. Shares were up 7.9% at C$1.58.

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

(END) Dow Jones Newswires

July 11, 2023 12:22 ET (16:22 GMT)

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