Toronto Stocks Rally after Tuesday Selloff; CAE Shares Slide on Profit Decline, Margin Pressure in Defence Unit
By Adriano Marchese
Toronto stocks bounced back Wednesday mid-trading after the S&P/TSX Composite Index fell 2.3% on Tuesday. Most sectors were trending higher, led primarily by tech, and followed more distantly by tech services and transportation. Only commercial services posted losses in the session.
At midday, Canada's S&P/TSX Composite Index was 1.04% higher at 20798.24 and the blue-chip S&P/TSX 60 rose by 1.02% to 1254.72.
CAE shares were sharply lower after the company reported a decline in profit due to higher restructuring and acquisition costs in its third quarter, while revenue came in line with expectations. The company also signaled that there will be pressure in its Defense segment into 2026 as legacy contracts are completed.
Other market movers:
Centerra Gold's shares were 6.2% higher at C$6.52 after the Canadian gold miner reported an increase in production this year and a deal to extend the life of its operation in western Canada.
Barrick Gold shares were 0.8% lower at C$19.02, coming down from highs earlier in the morning after the mining company announced it had launched a fresh share buyback program following a jump in profit for the final three months of last year.
A search for nine missing workers at SSR Mining's Copler operation in Turkey continued Wednesday following a landslide. Shares were down 1.3% to C$6.00.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 14, 2024 12:17 ET (17:17 GMT)
Copyright (c) 2024 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