Toronto Stocks Climb From Morning Lows; Aecon Group Rises on C$150 Million Investment From Oaktree
By Adriano Marchese
Stocks in Toronto were moderately higher in midday trading, coming back from lows earlier in the morning. Investors are awaiting Wednesday's decision by the Bank of Canada on whether it will maintain the policy rate at 5% or increase it further. Most analysts prediction the central bank to hold the rate after a cooler-than-expected inflation report last week.
At midday, most sectors were in the green, led by gains in tech, utilities and commercial services. Process industries was the main laggard, followed by materials and tech services.
Canada's S&P/TSX Composite Index was 0.26% higher at 19164.83 and the blue-chip S&P/TSX 60 was also up, rising 0.30% to 1152.71.
Shares of Aecon Group advanced by 5.2% to 10.95 Canadian dollars ($7.98) after the Canadian construction company said its subsidiary, Aecon Utilities Group, received a C$150 million investment for a 27.5% stake in the unit by funds managed by the Power Opportunities strategy of Oaktree Capital Management.
Other market movers:
Enthusiast Gaming Holdings shares fell in Toronto by over 14% to C$0.36 after the company said it would delist from the Nasdaq, keeping its listing on the Toronto Stock Exchange.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 23, 2023 12:21 ET (16:21 GMT)
Copyright (c) 2023 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
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk