By Robb M. Stewart
Stocks in Toronto were higher on a busy day for financial earnings.
Canada's S&P/TSX Composite Index was 0.5% higher at 22379.23 in midday trading, as technology and finance stocks drove broad gains. The blue-chip S&P/TSX 60 was ahead 0.6% at 1341.01.
Canadian Tire was among the biggest net gainers of the session, climbing 5.9% to C$144.39 after the retailer's first-quarter adjusted earnings beat expectations as improved margins offset soft sales across its business unit.
The country's biggest banks each were higher, led by a 0.5% advance by Bank of Montreal. However, Toronto-Dominion Bank bucked the trend with a 0.1% drop to extend its decline so far in 2024 to 10% amid ongoing concerns about the possible cost of anti-money-laundering compliance failings.
Other market movers:
Cronos was up 9.2% at C$3.90 after reporting better-than-expected revenue in the first quarter.
Packaging and tissue products company Cascades was 4.2% higher at C$10.10 following its forecasting improved results in the first quarter, after sales in the early months of the year were squeezed by lower prices and higher raw material costs in its packaging businesses.
Quebecor logged a higher profit in the first quarter as its Freedom Mobile acquisition continued to drive revenue growth at its telecommunications business, helping lift the shares 5.5% to C$30.33.
Shares of Cineplex dropped 3.5% to C$8.60 after its first-quarter adjusted earnings before interest, taxes, depreciation and amortization fell 11%, while Converge Technology Solutions' shares fell 10% to C$5.13 after the technology-services company's adjusted earnings and revenue for the latest quarter each were below market forecasts.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
05-09-24 1240ET
