By Adriano Marchese
Canadian stocks were higher Thursday mid-trading, in step with U.S. markets. The S&P/TSX Composite Index closed higher on Wednesday, ending a slew of negative days, and at midday was up by 164.12 points. In the session, the tech sector was posted the strongest gains, while health tech led the declines. Canadian Pacific Railway Ltd. shares were higher after CEO Keith Creel said the company is building momentum after the company reported lower revenue and earnings in a difficult first quarter.
Canada's S&P/TSX Composite Index rose 0.79% at 20908.35 and the blue-chip S&P/TSX 60 was up by 0.91% to 1267.12.
Canadian Pacific Railway Ltd. shares were up by 2.9% at C$96.01 despite reporting Wednesday after markets closed that earnings fell to 63 Canadian cents a share, or 49 U.S. cents, from C$0.90 in the first quarter of 2021. Freight revenue weighed in the quarter, with total revenue falling to C$1.84 billion from C$1.96 billion. CEO Keith Creel said it expects the new momentum to carry through the remainder of 2022.
Other market movers:
Shares in AltaGas Ltd. were 2.4% higher at C$30.19 on better-than-expected profit and revenue in the first quarter, and that it expects to achieve its targets for 2022.
Arizona Sonoran Copper Co. rose by 7.3% to C$2.22 after announcing plans to raise 30.5 million Canadian dollars, the equivalent of US$23.8 million, by way of a private placement, which includes Anglo-Australian mining giant Rio Tinto PLC.
Payfare Inc. stock rose by 4.3% to C$6.26 after it said it expects revenue for the first quarter and for the year to be even higher than previously expected as the fintech company's partners continue to adopt its platform.
Shares in Enghouse Systems Ltd. were up by 2.3% to C$35.95 on news that it intends to renew its share repurchase program to purchase around 7% of its public float.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
04-28-22 1219ET
