Toronto Stocks Edge Up; Boyd Group Services Down on 1Q Earnings Decline, 2Q Outlook

By Adriano Marchese

Toronto-listed stocks were slightly higher Wednesday, buoyed by outsized gains largely in tech, utilities and consumer durables.

The overall gains were muted after Canadian manufacturing was again in decline in March, falling by 2.1%. Last month, shipments of petroleum and motor vehicle both fell sharply, pulling factory sales down by the most in five months.

Canada's S&P/TSX Composite Index rose by 0.2% to 22279.70 and the blue-chip S&P/TSX 60 was 0.1% higher to 1332.57.

The largest stock declines were in the consumer services, process industries and health tech sectors.

Shares in Boyd Group Services were down 7.1% to 238.50 Canadian dollars ($174.69) after reporting lower earnings in the first quarter as mild weather put pressure on demand. The trend has continued into the second quarter, the company said, and because of this, Boyd warned it likely won't be able to deliver same-store sales growth.

Other market movers:

--Boralex's shares rose 9.7% to C$32.21 on the back of stronger-than-anticipated earnings in the first quarter, with a rise in North American wind-farm production and contributions from new facilities.

--Bitfarms shares were 9.1% higher at C$2.40 after the company reported a narrowed loss and higher revenue in the first quarter.

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

(END) Dow Jones Newswires

May 15, 2024 12:31 ET (16:31 GMT)

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