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Toronto Stocks Down; Fairfax Financial Shares Jump on Buyback, Subsidiary Interest Sale

11/17/2021 | 12:16pm EST

By Adriano Marchese

Stocks in Canada were down moderately midday Wednesday, with most sectors counteracting gains in non-energy minerals and energy stocks. Fairfax Financial Holdings Ltd. shares jumped after it announced it would sell around 10% interest in a U.S.-based subsidiary to fund a $1 billion buyback.

Canada's S&P/TSX Composite Index was down 0.29% at 21654.12 and the blue-chip S&P/TSX 60 was down 0.38% at 1302.03.

Fairfax Financial Holdings Ltd. shares were up 7.7% at C$585.04 after announcing that it has agreed to sell two tranches of nearly 5% interest in Odyssey Group Holdings Inc. for $900 million, which it will put toward repurchasing and canceling up to $1 billion of its own shares.

Other market movers:

Leon's Furniture Ltd. shares climbed 0.8% to C$24.46 after it announced will purchase up to 200 million Canadian dollars of its own shares, the equivalent of around US$159.2 million.

Shares in Goodfood Market Corp. fell to C$5.25, plummeting 27% after it swung to a loss in the fourth quarter of fiscal 2021, as the effects of reopening and seasonality weighed on revenue.

Lithium Americas Corp. fell to 3.2% to C$5.69 after it announced that it would buy Millennial Lithium Corp. for a total of consideration of around US$400 million in cash and stock.

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

(END) Dow Jones Newswires

11-17-21 1216ET

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