Toronto Stocks Climb, Argonaut Gold and Alamos Gold Up on Merger Deal

By Adriano Marchese

Toronto-listed stocks were trading firmly higher on Wednesday.

Investors are awaiting Thursday's Canadian gross domestic product update for January. Analysts expect month-over-month growth of 0.4%, according to FactSet.

Most sectors were in the green at noon EDT, led by process industries, materials and consumer discretionary stocks. Only Canadian tech was running losses in the session.

Canada's S&P/TSX Composite Index was 0.41% higher at 22002.90 and the blue-chip S&P/TSX 60 rose by 0.38% to 1324.13.

Shares of Argonaut Gold was 28% higher at 39 Canadian cents (29 cents) after it agreed to a deal that will see it join Alamos Gold to build one of Canada's largest gold mines.

Alamos Gold shares were also higher, rising 6% to C$19.56.

Other market movers:

Shares of Exro Technologies were 9.3% higher at C$0.82 after it said that independent proxy advisers Institutional Shareholder Services and Glass, Lewis & Co. have recommended shareholders of the company approve a share-issuance resolution connected to its proposed merger with SEA Electric.

Barrick Gold said it has opted out of an opportunity to buy a majority stake in a silver project in Argentina, leaving control of the development in the hands of explorer Golden Minerals. Shares are up 2.1% to C$21.54.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 27, 2024 12:32 ET (16:32 GMT)

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