Toronto Stocks Edge Higher, Canada Goose Rises on 3Q Results and Outlook
By Adriano Marchese
Toronto stocks were slightly higher after earlier choppy trade for Canadian indexes.
The Canadian economy is still in focus as investors digest Wednesday's report that gross domestic product rose more than expected in November. Meanwhile, Canadian manufacturing activity started the new year still in contraction territory, though the pace of declines in output and new orders have softened.
Canada's financial sector was the biggest decliner Thursday, followed by tech and transportation. Materials, consumer durables and consumer discretionary were the top gainers.
At midday, Canada's S&P/TSX Composite Index was 0.15% higher at 21053.39. The blue-chip S&P/TSX 60 rose by 0.07% to 1269.02.
Shares in Canada Goose Holdings rose 1.9%, moderating from earlier highs, at 16.43 Canadian dollars ($12.23) after the company reported higher revenue and adjusted earnings in the third quarter in line with expectations. The Canadian winter apparel brand saw strong performance in Asia-Pacific offsetting declines in its other markets.
Other market movers:
Rogers Communications shares were 1.7% higher at C$63.84 after reporting lower profit, but better-than-expected revenue in the fourth quarter as new customers were onboarded and as its integration of Shaw Communications pushed ahead.
Real Matters shares fell by 7% to C$6.50 after it reported a loss and lower-than-expected revenue in its first quarter largely because of weak mortgage-origination volumes.
Royal Helium shares were 8.8% higher at C$0.19 after it said it will receive a C$3 million contribution from the Canadian government as part of its aerospace regional recovery initiative.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 01, 2024 12:31 ET (17:31 GMT)
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