Toronto Stocks Down; Shares of ABC Technologies Jump on Go-Private Deal
By Adriano Marchese
Stocks in Toronto were down moderately at midday on Tuesday, the first day of trading after the Labor Day holiday weekend.
Investors are focused on Wednesday's central bank decision on interest rates, with most economists predicting a pause in hikes, according to FactSet. In the session, energy, process industries and consumer durables were up the most, but those gains were tempered by the materials, health tech and consumer discretionary sectors.
Canada's S&P/TSX Composite Index was down 0.46% to 20450.07 and the blue-chip S&P/TSX 60 fell by 0.45% to 1226.13.
Shares of ABC Technologies Holdings jumped 11% to 6.68 Canadian dollars ($4.91) after the automotive systems and components manufacturer said it would be acquired by a conglomerate of entities that would take them private at a price of C$6.75 a share.
Other market movers:
Shares of NextSource Materials were 5.8% higher at C$1.64 after the battery materials development company said it is moving toward a supply deal with Posco International, and that it may receive an investment from the South Korean trading company.
The transportation and logistics company TFI International acquired Vedder Transportation Group, adding to its business portfolio an operator of liquid and dry bulk food-grade tanker trucks. Shares were down 2% to C$183.24.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 05, 2023 12:44 ET (16:44 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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