Toronto Stocks Advance; Linamar Shares Rise on 4Q Profit Beat, Dividend Hike
By Adriano Marchese
Toronto stocks continued their advance in midday trading Thursday.
On the macroeconomic front, Canada swung back to a modest goods-trade surplus with the rest of the world in January as imports fell to the lowest in almost two years, outpacing continued export weakness.
Most sectors were trending higher, led by tech services, producer manufacturing and utilities. Only the consumer services, consumer durables and transportation sectors were in decline.
At midday, Canada's S&P/TSX Composite Index was 0.59% higher, at 21721.08, and the blue-chip S&P/TSX 60 rose by 0.58%, to 1309.85.
Linamar shares rose by 12%, to 70.99 Canadian dollars (US$52.53), after the company reported better-than-expected sales and earnings in the fourth quarter, and said it would increased its dividend.
Other market movers:
Shares in Karora Resources were 4% higher, at C$4.90, after it confirmed it is currently in an exclusive discussion to be acquired by Australian gold miner Ramelius Resources.
Shares in Baylin Technologies rose by nearly 233%, to C$0.27, after the company said it won a multi-year, multi-million-dollar contract to design and build antennas for an internet service and fiber provider in the U.S.
Bitfarms' shares were down 7.2%, to C$3.34, after the bitcoin miner logged a bigger-than-expected loss for the latest quarter.
AutoCanada shares were 3% lower, at C$19.86, after reporting a loss in the fourth quarter, despite higher revenue, as lower consumer demand and increased costs dragged on performance.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 07, 2024 12:26 ET (17:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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