Toronto Stocks Higher; Boyd Group Says New Locations to Weigh on Earnings
By Adriano Marchese
Toronto-listed stocks were up slightly on Wednesday as market participants await the Federal Reserve's statement on interest rates later today.
The central bank is expected to leave rates unchanged, according to FactSet. Investors are also weighing data released on Tuesday data that showed an unexpected easing in Canada's inflation rate, which dropped to 2.8% in February.
At midday, the S&P/TSX Composite Index was 0.24% higher at 21913.51 and the blue-chip S&P/TSX 60 rose by 0.27% to 1320.28.
Most sectors were up led by technology, producer manufacturing and consumer durables. Consumer services stocks lost the most followed by energy and health technology.
Shares of Boyd Group Services fell 5.4% to 298.00 Canadian dollars ($212.99). The company warned that new locations acquired as part of its growth strategy are weighing on performance in the first quarter, and will continue to do so for a number of quarters ahead.
Other market movers:
Aurora Cannabis shares rose by 6.9% to C$5.28 after the company said it received a Good Manufacturing Practice certification from Australia for its Canadian production facility.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 20, 2024 12:41 ET (16:41 GMT)
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