Toronto Stocks Climb; TransAlta Renewables Shares Fall on Wind Farm Repairs, Costs in New Brunswick

By Adriano Marchese

Shares in Toronto were modestly higher in midday trading Tuesday, with most sectors pushing up the S&P/TSX Composite Index by 96.68 points. In the session, only health tech, utilities, transportation and consumer non-durables were in the red. TransAlta Renewables Inc. shares fell after the company said that all of its turbines at its Kent Hill sites 1 and 2 in New Brunswick will need foundation replacements.

Canada's S&P/TSX Composite Index was up 0.46% at 21168.81. The blue-chip S&P/TSX 60 rose 0.34% to 1286.97.

Shares in TransAlta Renewables Inc. fell 9.1% to C$16.35 after it said the 50 turbines at its Kent Hills 1 and 2 wind sites require a full foundation replacement. The turbines won't operate until their associated foundations are repaired, leading to foregone revenue of C$3.4 million a month. The company estimated replacement costs at C$75 million to $100 million.

Other market movers:

Field Trip Health Ltd. shares rose 7.4% to C$2.75 after being briefly halted on news that it received a notice of allowance of a U.S. patent application for its novel psychedelic molecule in development.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

01-11-22 1214ET