Toronto Stocks Advance; Metro Shares Decline on Metro 4Q Miss

By Adriano Marchese

Stocks in Toronto were modestly higher on Wednesday at midday after a sharp rally in Canadian equities on Tuesday.

Canadian manufacturing shipments rose 0.4% in September from the previous month to a seasonally adjusted 72.79 billion Canadian dollars (US$53.16 billion), according to Statistics Canada.

Most sectors were advancing in the session, led by consumer durables, process industries and tech. The few decliners were led by retail, energy and industrial services.

Canada's S&P/TSX Composite Index was ahead by 0.24%, to 20071.01, and the blue-chip S&P/TSX 60 rose by 0.25%, to 1209.20.

Shares in Canadian food retailer Metro were 6.5% lower, at C$70.70, after reporting adjusted earnings that missed expectations for its fiscal fourth quarter, despite in-line revenue.

Other market movers:

Loblaw reported a nearly 12% rise in profit in the third quarter thanks to stronger-than-expected revenue as more shoppers look for value amid rising costs of groceries in Canada. Shares were down 2.1%, at C$120.54.

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

(END) Dow Jones Newswires

November 15, 2023 12:19 ET (17:19 GMT)

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