Toronto Stocks Climb; Orea Mining Pops on Agreement to Acquire Stake in French Guiana JV

By Adriano Marchese

Toronto stocks continued their rise midday trading Wednesday, in step with global markets. The S&P/TSX Composite Index was 151.10 points higher, pushed up by most sectors posting gains. In the session, health tech, tech services and process industries were the main gainers, while energy was the only laggard, according to FactSet. Orea Mining Corp. shares were higher after it said it has signed a definitive agreement to acquire Nord Gold PLC's 55.01% interest in a joint venture company in French Guiana.

At midday, Canada's S&P/TSX Composite Index was up 0.77% at 19593.85, and the blue-chip S&P/TSX 60 rose by 0.75% to 1182.58.

Shares in Orea Mining Corp. jumped 15% to C$0.02 after it said the definitive agreement to acquire the majority interest in the Montagne d'Or project for C$100 million (US$73.2 million), originally announced in August, was signed with the approval of the French treasury, which oversees matters related to Russian sanctions.

Other market movers:

Canadian Imperial Bank of Commerce said it plans to appeal a New York court ruling finding the bank liable for damages expected to total about $848 million in a lawsuit brought by a special purpose vehicle controlled by Cerberus Capital Management LP. Shares were up 1.3% at C$56.14.

Enbridge Inc. said that it plans to buy back up to C$1.5 billion worth of its public float over the course of a one-year period. Shares were up 0.9% at C$58.83.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

01-04-23 1222ET