By Adriano Marchese
Canadian stocks were modestly higher in Friday midday trading, on track to end the week in green territory. In the session, Canadian process industries, health services and materials sectors were the outstanding leaders, while health technology and energy posted the biggest of the few declines. Shares of MDA Ltd. was lower after it warned that revenue is expected to be lower in the year due to a number of project delays.
At midday, Canada's S&P/TSX Composite Index was up 0.53% at 20098.75, and the blue-chip S&P/TSX 60 rose 0.51% to 1212.82.
MDA Ltd. shares fell 6.6% to C$8.49 after it said a slower ramp-up on two of its large government programs, the Canadian Surface Combatant and Canadarm3, would affect revenue in the year, lowering its target to between 630 million and 650 million Canadian dollars, the equivalent of US$493.5 million and US$509.2 million. Previous expectations were for revenue to be between C$750 million and C$800 million.
Other market movers:
Shares in Northland Power Inc. rose 4.4% to C$46.04 after the company said it would upgrade its expectations for the year after stronger-than-expected performance in the second quarter.
Shares in Quebecor Inc., Rogers Communications Inc. and Shaw Communications Inc. rose after the companies said in a joint statement that they have entered into a definitive agreement for the sale of Freedom Mobile Inc., first announced in mid-June. Quebecor shares were up 2.4% at C$29.14, Shaw shares rose 0.8% to C$34.78 and Rogers stock was up 1.1% at C$59.35.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
08-12-22 1217ET
