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Toronto Stocks Edge Higher as BOC Raises Rates; Cymat Technologies Rises on Supply Order

09/07/2022 | 12:17pm EST

By Adriano Marchese


Toronto-listed stocks were moderately higher Wednesday mid-trading after spending most of the morning in red territory. The Bank of Canada lifted its overnight target rate by 75 basis points to 3.25%. In the session, Canada's consumer nondurables, materials and tech sectors were the best performers, offsetting losses primarily in energy. Cymat Technologies Ltd. shares were higher after it said it has received an order to supply its military blast-protection kits to an Asian manufacturer.

At midday, Canada's S&P/TSX Composite Index was 0.25% higher at 19136.39 and the blue-chip S&P/TSX 60 rose by 0.36% to 1157.53.

Cymat Technologies shares were 24% higher at C$0.49 after it said the new order is for up to 700 blast kits which would ultimately to be used in vehicles of the Singaporean military valued as high as 7 million Canadian dollars, or US$5.3 million.


Other market movers:

Shares of Linamar Corp. were 1.3% higher at C$63.42 after it said it was awarded a contract to deliver its eAxle propulsion system to original equipment manufacturer Workhorse Group Inc. to be used in commercial vehicle delivery trucks.

GoGold Resources Inc. shares were 4% higher at C$1.57 after the company reported more positive results from drilling at its property in Mexico.


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


(END) Dow Jones Newswires

09-07-22 1216ET

Stocks mentioned in the article
ChangeLast1st jan.
GOGOLD RESOURCES INC. 2.55% 2.01 Delayed Quote.-33.66%
LINAMAR CORPORATION 0.21% 66.17 Delayed Quote.-11.69%
WORKHORSE GROUP INC. 0.87% 2.32 Delayed Quote.-46.79%
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