Toronto Stocks Advance; Air Canada Stocks Fall on Higher Costs in 2024 Guidance
By Adriano Marchese
Stocks in Canada were modestly higher mid-trading on Friday, with sector performance mixed in the session. Communications, retail and industrial services were leading the gainers while tech services and tech were the main laggards, followed by health services.
On the macroeconomic front, Canadian wholesale trade was slightly lower than expected in the December as personal and household goods led a rise in sales that capped a positive year for the sector.
Canada's S&P/TSX Composite Index was 0.34% higher at 21295.31. The blue-chip S&P/TSX 60 rose by 0.41% to 1286.28.
Air Canada shares were 7.1% lower at 17.89 Canadian dollars ($13.29) after reporting lower-than-expected capacity growth and higher-than-expected costs in its 2024 guidance. In the fourth quarter, the Canadian airline reported higher profit and better-than-expected revenue in the fourth quarter thanks to higher demand for air travel.
Other market movers:
TC Energy was up 2.4% to C$53.23 after it reported a profit in the fourth quarter. It also said it expects earnings in 2024 will be lower following the sale of its stake in Columbia Gas and Columbia Gulf last year.
Canadian miner B2Gold's stock slightly lower, down 0.9% to C$3.39 after it said three workers were killed following an attack on an employee transport convoy in Mali.
Galiano Gold reported earnings that missed expectations for the fourth quarter due to higher costs. Shares were down 1.6% at C$1.21, recovering from earlier lows of C$1.10.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 16, 2024 12:19 ET (17:19 GMT)
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