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Toronto Stocks Climb; Dye & Durham Shares Rise on Strong Earnings Trajectory

12/07/2021 | 12:14pm EST

By Adriano Marchese

Shares in Toronto are well into green territory at midday on Tuesday as investors react positively to early data that suggest that symptoms of the Omicron variant appear milder than feared. All sectors were pushing up the S&P/TSX Composite Index up by 351.54 points, with tech and energy the leaders. Dye & Durham Ltd. shares rose after the company said it expects a significant rise in adjusted Ebitda as growth and changes to the company have boosted business.

Canada's S&P/TSX Composite Index was up 1.69% at 21215.40. The blue-chip S&P/TSX 60 rose 1.58% to 1284.33.

Dye & Durham shares soared by 11% to C$46.73 after it said that it expects its adjusted earnings before interest, taxes, depreciation and amortization to be around a minimum of 350 million Canadian dollars, or US$274.4 million, thanks to recent changes and growth in the company, including the recent acquisition of Telus' Financial Solutions business. In fiscal 2021 adjusted Ebitda was C$116.4 million, an increase of $79.7 million from fiscal 2020. The company is in its first quarter of fiscal 2022.

Other market movers:

Enbridge Inc. shares rose 1.5% to C$49.01 after the company declared a 3% increase to its dividend, and shareholders will now receive C$0.86 per share. It also set its 2022 guidance for Ebitda to be between C$15 billion and C$15.6 billion and said that its discounted cash flow is forecasted to be between C$5.20 and C$5.50. These represent a midpoint growth of 9% and 10%, respectively, relative to 2021 guidance.

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

(END) Dow Jones Newswires

12-07-21 1213ET

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