Toronto Stocks Edge Down; Finning Falls as Argentina Forex Hit Drags on 4Q Profit
By Adriano Marchese
Shares in Toronto were slightly lower midday Wednesday after ending higher on Tuesday. In the session, the highest losses were in tech, followed by distribution services and process industries. These were offset largely by gains in tech services, transportation and commercial services.
At midday, Canada's S&P/TSX Composite Index was 0.13% lower at 20931.29 and the blue-chip S&P/TSX 60 fell by 0.11% to 1262.49.
Finning International shares retreated by 9% to 36.16 Canadian dollars ($26.80) after the Canadian dealer for Caterpillar products reported lower fourth-quarter profit amid a steep foreign currency impact in Argentina.
Other market movers:
Heroux-Devtek shares were 9.7% higher at C$16.49 after it reported better-than-expected profit and revenue in its third quarter as the company adjusted its pricing and worked to stabilize its production systems.
Brookfield Asset Management shares were 1.4% lower at C$52.82 after reporting a decline in profit in its fourth quarter, while revenue rose slightly, in line with expectations.
ATS said volatility in its end-markets may weigh on in its order bookings. Shares were down 1.6% to C$57.98, moderating from lower lows earlier in the morning. to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 07, 2024 12:18 ET (17:18 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth