By Adriano Marchese
Toronto-listed stocks were moderately higher mid-trading Wednesday after a rollercoaster morning that sent the major indexes below close before bouncing back. Communications and retail were the main leaders of the session, with transportation and distribution services acting as the main counterweights. Teck Resources Ltd. was in focus on Wednesday after the Canadian resources company said it dropped plans to split the business and that it would instead seek a simpler approach to separation.
Canada's S&P/TSX Composite Index was trending higher, rising 0.27% to 20495.88. The blue-chip S&P/TSX 60 also was in the green, up 0.36% to 1236.76.
Teck Resources shares were 4.4% higher at 61.50 Canadian dollars($45.13) after the company said it will evaluate new options to splitting the company after weighing the opinion of other investors who would prefer a more direct approach to a split. Teck said the company aims to incorporate feedback into its revised plans.
Other market movers:
Shares of Rogers Communications Inc. rose by 3.3% to C$66.78 after reporting a rise in profit and revenue in the first quarter, beating analyst expectations as it sets the stage for growth from its recently combined business with Shaw Communications Inc.
Precision Drilling Corp. shares were 4.4% higher at C$70.79 after it said it swung to a profit in the first-quarter thanks to a jump in revenue driven by stronger drilling activity and price increases in the U.S. and Canada.
AltaGas Ltd. shares were 4.5% higher, reaching C$24.18 at midday, after it reported a rise in profit in the first three months of the year, beating expectations on a normalized basis, but missing forecasts for revenue in the quarter.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
04-26-23 1223ET
