Toronto Stocks Unchanged, Transat Shares Down on Weaker Margin Outlook
By Adriano Marchese
Toronto stocks were flat Friday.
Sector performance was a mixed bag, with the largest gains coming from health services stocks, followed more distantly by gains in health tech and consumer durables. This was offset by losses primarily in producer manufacturing, process industries and energy stocks.
Canada's S&P/TSX Composite Index was flat at 22367.35 as was the blue-chip S&P/TSX 60 at 1340.03.
On the macroeconomic front, Canada's economy added 90,400 jobs in April, the largest increase in over a year. But it wasn't enough to budge the unemployment rate, which remained steady at 6.1%, the highest since the start of 2022.
Transat shares were 4% lower at 3.39 Canadian dollars ($2.48) after the vertically integrated Canadian tour operator warned its margins will likely be even lower than previously anticipated this year. Operational challenges and a volatile environment continue to put pressure on profitability.
Other market movers:
Shares in Enbridge posted a decline in profit in its first quarter but grew its distributable cash flow. Shares were up 1.1% to C$51.70.
Algonquin Power & Utilities' stock fell by 1.8% to C$9.07 a share after it said it swung to a loss, missing estimates. Lower regulated services revenue weighed on performance in the first quarter.
Shares of CI Financial were down by 8.5% to C$15.32 after it reported a loss in the first quarter while revenue growth failed to meet analyst expectations.
Neo Performance Materials shares were 10% higher at C$6.39 after the industrial materials company swung to a profit in the first quarter despite challenges in the rare-earth sector.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 10, 2024 12:31 ET (16:31 GMT)
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