Toronto Stocks Advance; TC Energy Shares Slide on Spin-Off Plans

By Adriano Marchese

Stocks in Toronto were firmly higher on Friday mid-trading as Canada's gross domestic product grew modestly by 0.3% in May as a rise in output by services industries offset weakness in goods-producing industries.

Most sectors were supporting the indexes, with only retail and consumer services posting minor losses. The Canadian tech sector was the strongest in the session, followed by process industries and energy.

At midday, Canada's S&P/TSX Composite Index climbed 0.93%, to 20575.58. The blue-chip S&P/TSX 60 rose by 0.96%, to 1235.85.

TC Energy shares were down 4.7%, at 45.06 Canadian dollars (US$34.08), after the company said it plans to spin off its liquids-pipeline business into a separately traded, investment-grade company.

Other market movers:

Shares in Imperial Oil rose to C$71.58, or 4.9%, after reporting second-quarter profit and revenue dropped, but by less than analysts expected, as lower commodity prices coupled with lower output weighed on results.

AltaGas shares were up 4.3%, to C$25.96 after, it reported a higher in second-quarter profit, despite a greater-than-expected drop in revenue, as the company was weighed down by wildfires in Canada and hedge and ship timing effects.

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

(END) Dow Jones Newswires

July 28, 2023 12:20 ET (16:20 GMT)

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