Toronto Stocks Teeter Near Flat; Teck Rises as Major Shareholder Backs Spinoff Plans

By Adriano Marchese

Stocks in Toronto were edging lower near flat at midday on Monday. In the sector, consumer durables and materials were the main decliners, offset by gains primarily in the process industries and health tech sectors.

Canada's S&P/TSX Composite Index was down 0.07% to 20566.15 and the blue-chip S&P/TSX 60 was down 0.01% to 1239.46.

Shares in Teck Resources Ltd. were 5.3% higher at C$63.65 after controlling shareholder and chairman emeritus Norman Keevil backed plans to split the Canadian miner in response to a takeover bid from Glencore PLC. However, Mr. Keevil said he wouldn't stand in the way of possible dealmaking after the separation.

Other market movers:

West Red Lake Gold Mines Ltd. shares jumped over 40% to C$0.59 after the Canadian gold miner said it would acquire a gold mine for 6.5 million Canadian dollars ($4.9 million) in cash from a company in bankruptcy and raise up to C$25 million through a private placement.

CubicFarm Systems Corp. shares dropped more than 14% to C$0.03 after the Canadian agricultural technology company said it didn't have enough manpower after cutting its staff headcount and it would need more time to prepare its 2022 regulatory filings and complete its financial audit. The stock has fallen about 63% so far in 2023 and about 97% over the last 12 months.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

April 17, 2023 12:23 ET (16:23 GMT)

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