Toronto Stocks Climb From Morning Lows; Aecon Group Rises on C$150 Million Investment From Oaktree

By Adriano Marchese

Stocks in Toronto were moderately higher in midday trading, coming back from lows earlier in the morning. Investors are awaiting Wednesday's decision by the Bank of Canada on whether it will maintain the policy rate at 5% or increase it further. Most analysts prediction the central bank to hold the rate after a cooler-than-expected inflation report last week.

At midday, most sectors were in the green, led by gains in tech, utilities and commercial services. Process industries was the main laggard, followed by materials and tech services.

Canada's S&P/TSX Composite Index was 0.26% higher at 19164.83 and the blue-chip S&P/TSX 60 was also up, rising 0.30% to 1152.71.

Shares of Aecon Group advanced by 5.2% to 10.95 Canadian dollars ($7.98) after the Canadian construction company said its subsidiary, Aecon Utilities Group, received a C$150 million investment for a 27.5% stake in the unit by funds managed by the Power Opportunities strategy of Oaktree Capital Management.

Other market movers:

Enthusiast Gaming Holdings shares fell in Toronto by over 14% to C$0.36 after the company said it would delist from the Nasdaq, keeping its listing on the Toronto Stock Exchange.

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

(END) Dow Jones Newswires

October 23, 2023 12:21 ET (16:21 GMT)

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