Toronto Stocks Slide; TransAlta Rises on Higher Profit, Revenue in 3Q

By Adriano Marchese

Stocks in Toronto were firmly lower in midday trading Tuesday, climbing from deeper lows earlier in the morning. Canada posted a goods-trade surplus for September of 2.04 billion Canadian dollars ($1.49 billion), according to Statistics Canada, due to a boost from shipments of crude oil. The consensus had forecast pegged the surplus at C$950 million.

In the session, most sectors were trending downward, with energy and materials the main laggards. Tech services, consumer durables were the primary gainers.

At midday, Canada's S&P/TSX Composite Index was 0.55% lower at 19636.07 and the blue-chip S&P/TSX 60 fell by 0.45% to 1181.57.

TransAlta shares were 3.6% higher at C$11.03 after reporting a jump in profit and revenue in the third quarter, benefiting from a strong performance in its Alberta portfolio and lower commodity prices.

Other market movers:

Shares of Finning International were 8.2% lower at C$34.36 despite posting better-than-expected results for a number of metrics in its third quarter late Monday, due to strong performances in Canada and South America.

Shares of Canadian pet retailer Pet Valu Holdings rose by 4.6% to C$26.45 after it said that it expects revenue and earnings to grow in 2023.

I-80 Gold shares were 3.8% higher at C$1.90 after it said it entered into a preliminary agreement to potentially form a joint venture to develop its gold property in Nevada.

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

(END) Dow Jones Newswires

November 07, 2023 12:17 ET (17:17 GMT)

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