Toronto Stocks Advance; Ballard Power Systems Up on Restructuring Moves

By Adriano Marchese

Toronto stocks were trading higher at midday Friday thanks to a broad-based push by most sectors.

Tech stocks were the top gainers in the session, followed by materials and manufacturing stocks. Only consumer services and retail stocks posted minor losses.

On the macroeconomic front, Canada's industrial capacity-utilization rate rose to 79.1% in the second quarter on increased activity in the natural-resources sector, up from 78.6% in the prior quarter. Meanwhile, wholesale transactions grew unexpectedly in July to a seasonally adjusted 119.15 billion Canadian dollars, or the equivalent of US$87.74 billion, led by agricultural products and food and beverage.

Canada's S&P/TSX Composite Index rose 0.5%, to 23594.21, and the blue-chip S&P/TSX 60 was up 0.4%, to 1418.15.

Ballard Power Systems shares rose by 5.7%, to C$2.49, after it said late Thursday that it was planning a restructuring program that includes a reduction of its workforce and capital expenditures.

Other market movers:

Canadian lifestyle brand Roots logged a slightly narrowed second-quarter loss while sales fell as consumer spending remains strained. Shares fell 1.4%, to C$2.15.

MDA Space shares rose by 4%, to C$16.27, after it said it is expanding its satellite production facility in Quebec that would support higher production capacity.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 13, 2024 12:22 ET (16:22 GMT)

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