By Adriano Marchese


Canadian stocks were flat in midday trading on Monday as investors await the Bank of Canada decision on the country's interest rate policy on Wednesday. According to FactSet, most analysts expect the central bank to stand pat on any hikes, keeping it at 4.5%. On the equities front, Canadian sector performance was mixed, with declines in industrial services, materials and process industries offsetting gains from health services, tech services and utilities. Shares in Cargojet Inc. fell after reporting a sharp decline in profit in its fourth quarter, despite better-than-expected revenue growth in the period.

At midday, Canada's S&P/TSX Composite Index was unchanged at 20582.47 and the blue-chip S&P/TSX 60 was 0.01% higher at 1238.38.

Cargojet Inc. shares fell 9.5% to 113.12 Canadian dollars ($83.19) after it said net income came in at C$2.6 million, down from C$102 million a year ago, while total revenues rose to C$267 million from C$235.9 million a year ago, and beat consensus forecast of C$260.6 million.


Other market movers:

Greenbrook TMS Inc. stock was down 7.3% to C$1.40 after it said it would close treatment centers and lay off up to one-quarter of its staff as part of a restructuring plan.

Shares in FE Battery Metals Corp. jumped 33% to C$0.65 after it agreed to acquire a lithium project in northern Quebec in a cash-and-stock deal.


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


(END) Dow Jones Newswires

03-06-23 1217ET