Toronto Stocks Pares Previous Gains; Earthworks Industries Jumps on Amended Debt Settlement

By Adriano Marchese

Stocks in Toronto were in retreat in midday trading Thursday after pushing higher earlier in shortened week. Most sectors were in the red, led primarily by materials, tech and consumer services. Consumer durables were the main gainer, followed by health tech and energy.

At midday, Canada's S&P/TSX Composite Index was down 0.54% at 19557.25, and the blue-chip S&P/TSX 60 fell by 0.44% to 1175.95.

Earthworks Industries shares rose by 25% to 20 Canadian cents (15 cents) after the company said it amended a debt settlement agreement, extending the buyout payment date to mid-April previously set for late October.

Other market movers:

Shares of K92 Mining were 5.3% lower at C$5.23 after third-quarter production of 26,225 gold-equivalent ounces fell short of forecasts due to a lower-than-expected grade that more than offset a strong mill performance. The company also scaled back its full-year guidance to 111,000 to 116,000 ounces from 120,000 to 140,000 previously.

Laurentian Bank of Canada said Thursday it has expanded the role of Sebastien Belair to that of chief operating officer as the new head of the company, Eric Provost, looks to focus on client experience and reputation rebuilding. Shares were down 1.2% at C$27.36.

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

(END) Dow Jones Newswires

October 12, 2023 12:16 ET (16:16 GMT)

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