Toronto Stocks Advance; Enbridge Rises on Rosy 2024 Guidance, Dividend Hike

By Adriano Marchese

Toronto stocks were modestly higher mid-trading Wednesday. Canada's current account recorded a deficit of 3.223 billion Canadian dollars ($2.374 billion) in the three months through September, Statistics Canada said, missing market expectations for a surplus of C$1 billion.

Sector performance was mixed in the session, with tech the outsized laggard, followed by commercial services. On the gainer's side, health tech and transportation led.

At midday, Canada's S&P/TSX Composite Index was 0.22% higher at 20080.53. The blue-chip S&P/TSX 60 rose by 0.27% to 1209.93.

Enbridge shares rose by 1.4% to C$47.00 after the company set its guidance for the next year, expecting growth in its base business and higher cash generation. The Canadian pipeline company also has increased its quarterly dividend by 3.1% which equates to a dividend of C$3.66 a share on an annualized basis.

Other market movers:

GFL Environmental is earmarking C$900 million to invest in renewable natural gas projects and potential acquisitions in 2024 as it looks to diversify its existing footprint. Shares were down 1.2% to C$36.81.

Franco-Nevada slipped 2.5% to C$156.46 after it said it will maintain production guidance for the year and continues to anticipate no further contributions from the big Cobre Panama copper mine, where commercial output has been suspended.

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

(END) Dow Jones Newswires

November 29, 2023 12:25 ET (17:25 GMT)

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