Toronto Stocks Edge Lower; Arizona Metals Rises on Spinoff Plans
By Adriano Marchese
Stocks in Toronto were slightly lower as investors await the Canadian central bank's decision on interest rates on Wednesday. Analysts largely expect rates to remain unchanged at 5%.
Sector performance in Canada was mixed, with declines logged primarily in health services, health tech and commercial services, offset by gains mainly in consumer discretionary stocks. Tech services and transportation also gained.
At midday, Canada's S&P/TSX Composite Index were down 0.11% to 20883.18 and the blue-chip S&P/TSX 60 fell by 0.15% to 1260.42.
Shares of Arizona Metals were higher mid-morning Monday after the company said it plans to split and create two new companies based around its operations in Arizona, creating the Sugarloaf Peak gold project, and create two royalties on its Kay Mine project.
Other market movers:
Shares of Salazar Resources and Adventus Mining rose after they said they have received an environmental license for their project in Ecuador. Shares of Salazar Resources were up 36% to C$0.08 while Adventus Mining shares rose by 7.4% to C$0.29.
Mineros said it expects a decrease in gold production in 2024 following the sale of an Argentinian subsidiary. Shares were down 2.9% at C$0.66.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 22, 2024 12:18 ET (17:18 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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