Toronto Stocks Rally; Aurora Cannabis Shares Fall on C$33.8 Million Bought-Deal Financing

By Adriano Marchese

Toronto stocks were solidly higher on Thursday at midday, reversing course from Wednesday's trading which saw major indexes dip below levels seen at the start of the year.

Most sectors were pushing the indexes higher, led by consumer durables, tech and commercial services. Only utilities were trending lower.

Canada's S&P/TSX Composite Index was 0.72% higher, at 19575.19, while the blue-chip S&P/TSX 60 climbed 0.78%, to 1175.29.

Investors are focused on the economy as they await Canada's GDP report on Friday. According to FactSet, Deloitte Canada lowered 2023/2024 growth forecasts but expects economy to regain footing later next year.

Shares of Aurora Cannabis fell by more than 13%, to 79 Canadian cents (59 U.S. cents), after the company said that it raised C$33.8 million by way of a bought-deal financing to repay its convertible senior notes.

Other market movers:

Dye & Durham shares fell after it said it plans to repurchase up to 10% of its issued and outstanding common shares over the course of one year. The stock was down by 3.1%, to C$12.82.

SNC-Lavalin Group, which is rebranding as AtkinsRealis, secured a $21 million contract with the Central Florida Expressway Authority for a state road extension near Orlando. Shares were up 0.8%, to C$44.94.

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

(END) Dow Jones Newswires

September 28, 2023 12:17 ET (16:17 GMT)

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