Toronto Stocks Climb; Neighbourly Pharmacy Falls on Lowered Buyout Offer
By Adriano Marchese
Toronto-listed stocks started the week higher mid-trading on Monday in the last full week ahead of Christmas and New Years. Canadian equities rose 1% last week, though Friday ended on a weaker foot after paring back some gains of a big two-day rally that saw TSX close at its best level of 2023 on Thursday.
Most sectors were trending upward, led by energy, with consumer durables and distribution services also among the strongest gainers. Tech was the outsized laggard, followed by consumer discretionary and utilities.
Canada's S&P/TSX Composite Index were 0.46% higher at 20624.13 and the blue-chip S&P/TSX 60 was 0.50% higher at 1244.69.
Neighbourly Pharmacy shares were down by nearly 13% to 15.59 Canadian dollars ($11.65) after the pharmacy operator said it will consider an updated offer which was 10% lower by Persistence Capital Partners to buy all the shares it currently doesn't own.
Other market movers:
Santacruz Silver Mining said Monday that it has sold its noncore subsidiary in Mexico for an undisclosed sum as it looks to restructure and streamline its main business focus.
Gildan Activewear shares were lower after co-founder and former chief executive officer Glenn Chamandy denied media reports that he gave an ultimatum to the company's board regarding strategy or potential acquisitions. Shares were down 1.8% at C$45.34.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 18, 2023 12:19 ET (17:19 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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