Toronto Stocks Down; Shares of ABC Technologies Jump on Go-Private Deal
By Adriano Marchese
Stocks in Toronto were down moderately at midday on Tuesday, the first day of trading after the Labor Day holiday weekend.
Investors are focused on Wednesday's central bank decision on interest rates, with most economists predicting a pause in hikes, according to FactSet. In the session, energy, process industries and consumer durables were up the most, but those gains were tempered by the materials, health tech and consumer discretionary sectors.
Canada's S&P/TSX Composite Index was down 0.46% to 20450.07 and the blue-chip S&P/TSX 60 fell by 0.45% to 1226.13.
Shares of ABC Technologies Holdings jumped 11% to 6.68 Canadian dollars ($4.91) after the automotive systems and components manufacturer said it would be acquired by a conglomerate of entities that would take them private at a price of C$6.75 a share.
Other market movers:
Shares of NextSource Materials were 5.8% higher at C$1.64 after the battery materials development company said it is moving toward a supply deal with Posco International, and that it may receive an investment from the South Korean trading company.
The transportation and logistics company TFI International acquired Vedder Transportation Group, adding to its business portfolio an operator of liquid and dry bulk food-grade tanker trucks. Shares were down 2% to C$183.24.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 05, 2023 12:44 ET (16:44 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks