By Adriano Marchese
Canadian stocks were firmly higher midday trading on Friday, on track for a 3% weekly gain, according to FactSet. In the session, health-technology and energy were the main gainers, while technology and producer manufacturing were the largest of few decliners. George Weston Ltd. said that it expects higher earnings from continuing operations in 2022, but it warned that higher interest rates could add pressure to its real-estate business.
Canada's S&P/TSX Composite Index rose by 1%, to 19652.45, and the blue-chip S&P/TSX 60 rose by 0.99%, to 1186.81.
Shares in George Weston Ltd. slipped 0.9%, to 157.31 Canadian dollars (US$122.83), after it said Choice Properties, its real-estate segment, is expected to be hurt by rising interest rates, which may put further downward pressure on the fair value of its properties in the second half.
Other market movers:
Shares in Imperial Oil Ltd. were 4.7% higher at C$61.86 after reporting higher profit and better-than-expected revenue in the second quarter, benefiting from production increasing beyond analyst forecasts.
Enbridge Inc. shares edged up 0.5%, to C$57.60, after it reported a fall in profit in the second quarter after the company booked higher unrealized derivative fair value losses in the period.
Journey Energy Inc. shares rose by nearly 15%, to C$5.67, announcing that it agreed to acquire petroleum and natural gas assets in Alberta for C$140 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
07-29-22 1218ET
