By Adriano Marchese
Canadian stocks were slightly higher in midday trading Tuesday, paring back some of the gains from earlier in the session. Canada's energy sector posted the largest declines in the session, with technology and commercial services the main gainers. Sierra Metals Inc. shares fell after the company warned it is facing cash flow and liquidity problems stemming from the suspension of its operations in Peru.
At midday, Canada's S&P/TSX Composite Index was up 0.3% at 18671.64 and the blue-chip S&P/TSX 60 rose by 0.4% to 1130.37.
Shares of Sierra Metals were nearly 36% lower at C$0.45 after it warned that if it isn't able to find the support or necessary funding, that may not be able to operate normally. Sierra Metals has created a special committee to explore, review and consider ways to optimize the company's operations as well as any potential financing, restructuring and strategic options.
Other market movers:
GoGold Resources Inc. said it acquired a new concession extending its property in Mexico. Its shares were up 1.3% at C$1.55.
Fire & Flower Holdings Corp. said it raised 16 million Canadian dollars ($11.7 million) by way of a loan and subscription agreement with its partner, Alimentation Couche-Tard Inc., to use toward its growth strategy. Its shares were down 5.3% at C$1.97.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
10-18-22 1213ET
