Toronto Stocks Advance; Lithium Americas Shares Down on Discounted Pricing for $275 Million Public Offering
By Adriano Marchese
Stocks in Toronto were higher mid-trading on Thursday after closing virtually flat on Wednesday. The positive trend among Canada's sectors was broad-based, led by gains primarily in utilities, producer manufacturing and tech. Of the few decliners, health services lost the most, followed more distantly by consumer durables and energy.
At midday, Canada's S&P/TSX Composite Index was 0.5% higher at 21753.39 and the blue-chip S&P/TSX 60 rose by 0.4% to 1302.51.
Lithium Americas' Toronto-listed shares were down by nearly 28% to 6.64 Canadian dollars ($4.82) after the company priced its $275 million public offering at a discount to recent trading value. The funds are expected to be used primarily to advance its Thacker Pass lithium project in Nevada.
Other market movers:
MDA Space shares rose by 2.2% to C$14.54 after it said its contract with the Canadian Space Agency was extend. The company said it's worth C$250 million to continue supporting robotics operations in the International Space Station into the end of the decade.
Shares in 5N Plus were 1.5% higher at C$4.77 after it said it will receive $14.4 million from the U.S. Defense Department for the production of space-qualified materials for solar cells.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 18, 2024 12:19 ET (16:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now