By Adriano Marchese
Stocks in Toronto were marginally lower midday trading Monday after a turbulent week where Canadian equities declined 4.7%. Inflation control remains the topmost concern among investors, while the foreign exchange market continues to be highly volatile, with the Canadian dollar slipping to 74 U.S. cents. In the session, energy was the main laggard, offset by gains in health technology, which led the gainers. Niocorp Developments Ltd. shares jumped after it said it would fast-track its listing to the Nasdaq Stock Exchange by merging with special purpose acquisition company GX Acquisition Corp. II.
Canada's S&P/TSX Composite Index slid 0.16% lower to 18450.93 and the blue-chip S&P/TSX 60 was 0.20% lower at 1120.37.
Niocorp Developments Ltd. shares were up over 12% at C$1.18 said the company said the merger would create a new entity with an enterprise value of US$313.5 million. Niocorp is a company focused on developing its superalloy materials project in Nebraska.
Other market movers:
Shares of Ballard Power Systems Inc. were 2.9% higher at C$8.98 after it said it agreed to its latest contract to provide fuel cell engines to power the first hydrogen train in the U.S.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
09-26-22 1215ET
