By Adriano Marchese
Stocks in Toronto were moderately higher in midday trading Thursday. Most Canadian sectors were trending higher, led by tech, producer manufacturing and health tech, while consumer discretionary saw the biggest declines of the few in the red. Canada Goose Holdings Inc. shares tumbled Thursday morning after the company reported lower-than-expected revenue in its third quarter and downgraded its expectations for the rest of the fiscal year.
Canada's S&P/TSX Composite Index was 0.12% higher at 20776.07 and the blue-chip S&P/TSX 60 rose by 0.08% to 1249.84.
Canada Goose Holdings shares declined over 22% to 25.53 Canadian dollars ($19.21) after reporting a revenue decline of 1.6% to C$576.7 million, while analysts gad expected 6.1% growth in the third quarter. For the year, revenue is expected to be lower, within a range of C$1.18 billion to C$1.2 billion, down from a previous expectation of between C$1.2 billion and C$1.3 billion.
Other market movers:
Shares of Lightspeed Commerce Inc. were 8.3% lower at C$22.82 after it said it incurred a $748.7 million impairment charge in the period due to net assets exceeding market capitalization at the end of 2022 and forecasted lower consumer spending will drag revenue in the near term.
BCE Inc. shares were 2.5% lower at C$61.66 after it reported a decline in fourth-quarter profit, slightly more than expected, as impairments and higher costs ate into profit, while strong segment performance helped drive revenue above forecasts.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
02-02-23 1215ET
