Toronto Stocks Climb; Pan American Silver Rises on $593 Million Asset Sale

By Adriano Marchese

Stocks in Toronto were higher Monday at midday. On the west coast, a tentative deal has been reached to settle a labor dispute between the International Longshore and Warehouse Union Canada and the British Columbia Maritime Employers Association, with both parties recommending the collective agreement to their respective members. In the session, most sectors were trending higher, led by process industries, tech and materials. Consumer discretionary and retail were lower.

In midday trading Monday, Canada's S&P/TSX Composite Index was up 0.54% at 20629.87 and the blue-chip S&P/TSX 60 rose 0.52% to 1237.47.

Pan American Silver shares were 7.1% higher at 22.46 Canadian dollars ($16.95) after it said it struck deals totaling $593 million to sell a number of assets as it moves to strengthen its balance sheet and focus on core assets following the acquisition this year of Yamana Gold.

Other market movers:

Global Atomic shares were 11% lower at C$1.68 after the company said that it is continuing to develop its site in Niger amid a military coup that saw the country's elected president overthrown.

Shares of Canadian grocery chain Metro were down 1.2% at C$70.69 as employees continued their strike Monday morning across 27 locations in the Greater Toronto Area. Unionized employees have been on strike since Thursday.

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

(END) Dow Jones Newswires

July 31, 2023 12:19 ET (16:19 GMT)

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