Toronto Stocks Edge Lower; G Mining Slides on C$875 Million Deal to Buy Reunion Gold
By Adriano Marchese
Toronto-listed stocks were slightly lower in midday trading on Monday after getting off to a flat start to begin the trading week.
Sector performance was mixed, with gains seen primarily in health services, retail trade and transportation offset by losses mainly in materials, health tech and process industries.
On the macroeconomic side, producer prices were up 0.8% in March, driven by a recovery in primary non-ferrous metals prices. Canadian companies saw the biggest jump in costs for raw materials in about two years.
Canada's S&P/TSX Composite Index was down 0.1% to 21779.87 while the blue-chip S&P/TSX 60 was flat at 1307.43.
G Mining Ventures' shares were fell 14% to 1.95 Canadian dollars ($1.42) after the company struck a deal to buy Reunion Gold for about C$875 million in stock.
Other market movers:
Gildan Activewear has appointed five new board members as part of a board refresh, including Tim Hodgson as independent nonexecutive chair. Gildan has also recommended the election of two nominees proposed by investor Browning West, Karen Stuckey and J.P. Towner. Shares are down 0.6% to C$48.13.
Tidewater Renewables plans to appoint Ian Quartly to the role of chief financial officer, effective May 16, succeeding current CFO Raymond Kwan, who is set to resign. Shares are down 1.5% to C$7.10.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 22, 2024 12:33 ET (16:33 GMT)
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