Toronto Stocks Advance; National Bank of Canada Stock Drops on Canadian Western Bank Acquisition
By Adriano Marchese
Stocks in Toronto were firmly higher Wednesday mid-trading, pushed up by nearly all sectors. In the session, finance stocks led the gains with National Bank of Canada's acquisition of Canadian Western Bank, followed by tech and commercial services stocks. Energy was the only decliner of the session.
Canada's S&P/TSX Composite Index was 0.8% higher at 22056.95 and the blue-chip S&P/TSX 60 rose by 0.7% to 1317.42.
National Bank of Canada's shares were 5.4% lower at 110.05 Canadian dollars ($79.99) after lender said it would spend roughly C$5 billion to buy Canadian Western Bank at a premium of 110% from the previous day's share price. Shares of Canadian Western soared by 71% to C$42.48.
Other market movers:
Dollarama's profit rose above expectations in the first fiscal quarter as Canadians continue to seek out value amid still-high cost of living in the country. The dollar-store chain also said it increased its majority ownership in Latin American value retailer Dollarcity by 10% in exchange for newly-issued stock, with plans to take expand to Mexico. Shares were down 2.4% to C$122.73.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
June 12, 2024 12:29 ET (16:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks