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Toronto Stocks Edge Lower; AutoCanada Rises on Higher Price Range for Share Buyback

08/02/2022 | 12:19pm EDT

By Adriano Marchese

Canadian stocks started the shortened week on a weak foot in Tuesday midday trading. Markets were closed Monday for Civic Holiday. Most Canadian sectors were down at midday, led by energy and communications while process industries was the largest of the few gainers. AutoCanada Inc. shares rose after it has increased the price range for which it would buy back its shares in its current share-repurchase program.

Canada's S&P/TSX Composite Index was down 0.51%, at 19591.97, and the blue-chip S&P/TSX 60 slipped 0.45%, to 1182.58.

Shares in AutoCanada Inc. were 6% higher, at 27.48 Canadian dollars (US$21.40), after it said that it would now offer as much as C$28 for each share, and as little as C$25 in its buyback program. Previously the company said that it would buy its shares at between C$22 and C$25.

Other market movers:

Neighbourly Pharmacy Inc. shares were down 3.4%, to C$22.43, after the company reported slightly-lower-than-expected revenue growth and subdued same-store sales in the first quarter of fiscal 2023.

Patriot One Technologies Inc. shares jumped more than 20%, to C$0.56, after the company said it has been selected to provide its security technology at three U.S. manufacturing facilities of an unidentified auto maker.

PHX Energy Services Corp. shares were down 2.6%, to C$5.73, after it said has withdrawn from the Russian market amid the country's aggressions against Ukraine and related Western sanctions.

Reconnaissance Energy Africa Ltd. shares were up 5.4%, at C$4.73, after the company said it prevailed in a court case seeking to prevent it from oil and gas exploration in Namibia.

Air Canada reported a narrowed loss in the second quarter as more travelers took to the skies, though it said it was an operationally challenging period amid disruptions and imbalances between demand and capacity. Shares were up 0.6%, at C$17.49.

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

(END) Dow Jones Newswires

08-02-22 1218ET

Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA -0.78% 17.84 Delayed Quote.-14.91%
AUTOCANADA INC. -1.62% 23.65 Delayed Quote.-44.61%
DOW JONES AFRICA TITANS 50 INDEX -0.15% 416.65 Real-time Quote.-21.89%
LONDON BRENT OIL 0.43% 94.11 Delayed Quote.13.79%
NEIGHBOURLY PHARMACY INC. 6.08% 21.99 Delayed Quote.-44.94%
PATRIOT ONE TECHNOLOGIES INC. 6.25% 0.425 Delayed Quote.14.86%
PHX ENERGY SERVICES CORP. 1.88% 6.49 Delayed Quote.45.52%
S&P AFRICA 40 INDEX 0.44% 135.91 Real-time Quote.-22.12%
WTI 0.38% 88.368 Delayed Quote.14.86%