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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now