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Toronto Stocks Climb, Loblaw Shares Rise on 4Q Profit, Revenue Growth

By Adriano Marchese


Toronto stocks were firmly higher, with a broad-based positive performance among Canada's sectors.

Canadian tech was the largest gainer in Thursday's session, followed by commercial services and health tech. Materials, distribution services and consumer discretionary led the few decliners.

On the macro front, Canadian consumers pulled back on spending in January following a strong increase in retail purchases over the holiday season, a possible sign of household budget strain from high interest rates.

At midday, Canada's S&P/TSX Composite Index was 0.59% higher at 21298.30 while the blue-chip S&P/TSX 60 rose by 0.68% to 1287.33.

Loblaw shares were 2% higher at 140.93 Canadian dollars after reporting increased profit and higher revenue growth in the fourth quarter as customers continued to gravitate toward its discount banners amid stubbornly higher food prices in Canada.


Other market movers:


Maple Leaf Foods shares were 6.3% lower at C$24.20 after reporting adjusted earnings and revenue growth that missed expectations in the fourth quarter as its plant protein segment continues to face challenges.

Shares in Bausch Health were 7% higher at C$12.50 after it reported a narrowed loss and better-than-expected revenue, and said it expects the growth momentum to continue in 2024.

Quebecor shares fell by 3.9% to C$30.30 after reporting a slight decline in profit in the fourth quarter while revenue beat expectations, driven largely by the addition of Freedom Mobile to its network.

Cascades shares fell by nearly 19% to C$12.02 after the company reported a wider loss and flat revenue in its fourth quarter, missing analyst expectations. It projected a softer performance in the first quarter.


Write to Adriano Marchese at


(END) Dow Jones Newswires

February 22, 2024 12:26 ET (17:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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