Toronto Stocks Slide; Gildan Activewear Rises on 4Q Earnings Beat
By Adriano Marchese
Toronto-listed stocks were moderately lower mid-trading on Wednesday. Canada's CPI which came in softer than expected on Tuesday is still on investors' minds. Sector performance was mixed in the session, with gains in health services, energy and consumer discretionary offset by losses primarily in tech services, tech and commercial services.
At midday, Canada's S&P/TSX Composite Index was 0.37% lower at 21139.97 and the blue-chip S&P/TSX 60 fell by 0.45% to 1276.79.
Gildan Activewear shares were 4% higher at 47.61 Canadian dollars ($35.20) after the Canadian apparel manufacturer reported earnings and revenue that exceeded forecasts in the fourth quarter and said it expects higher profit in 2024.
Other market movers:
IA Financial's shares were down by 9.3% to C$85.00 after the insurance and wealth management provider's fourth-quarter underlying earnings fell short of expectations.
Shares Bausch + Lomb rose by 9.3% in Toronto to C$21.58 after it said fourth-quarter revenue and adjusted earnings topped analyst expectations thanks in large part to strong performance across its segments.
First Quantum Minerals shares were 4% higher at C$12.07 despite an earnings miss in the fourth quarter after the Canadian miner flagged progress on talks to sell assets and pay down debt.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 21, 2024 12:17 ET (17:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
4 Utility Stocks to Benefit from Data Center Growth
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits
-
Novo Nordisk Earnings: Raised Fair Value Estimate Still a Contrast to Market Overenthusiasm
-
After Earnings, Is Verizon Stock a Buy, a Sell, or Fairly Valued?
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted
-
10 Top-Performing Dividend Stocks of the Month