Toronto Stocks Edge Higher; Corus Entertainment Slides on 2Q Loss, Revenue Decline

By Adriano Marchese

Stocks in Toronto advanced in midday trading on Thursday, with most sectors seeing gains. Materials and healthcare led the advance, while industrials, staples and utilities paced the declines.

Canada's S&P/TSX Composite Index was up 0.27% at 20509.91 and the blue-chip S&P/TSX 60 rose 0.21% to 1233.83.

Corus Entertainment Inc. shares were down 3% at 1.63 Canadian dollars ($1.21) after reporting a loss for the second quarter of fiscal 2023. The Toronto-based, mass media company saw its revenue drop as a decline in advertising dollars weighed on performance. Corus also cut its dividend in favor of paying down debt.

Other market movers:

Teck Resources Ltd. shares rose 1.5% to C$58.66 after the company said it will look to speed up the separation of its steelmaking business, as the Swiss-based commodities company Glencore PLC continues its bid to take over the company.

Foraco International S.A.'s shares gained after the company it secured a 111 million Australian-dollar ($74.3 million) contract to provide metals and mining giant Rio Tinto with water drilling services in Australia. The shares were up 3.7% to C$1.95.

GreenPower Motor Co. climbed 18% to C$3.55 after they received a $15 million order for their electric school buses from the state of West Virginia.

Hudbay Minerals Inc. said it struck a roughly $439 million deal to buy Copper Mountain Mining Corp., creating one of Canada's largest copper miners with output of about 150,000 metric tons a year from operations in North and South America. Shares of Hudbay were up 2.9% to C$7.20 while Copper Mountain shares soared over 20% to C$2.72.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

April 13, 2023 12:50 ET (16:50 GMT)

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