By Adriano Marchese
Stocks in Toronto were modestly higher at midday Wednesday after beginning the morning lightly in the red. Most Canadian sectors posted mild gains, with technology leading while energy lagged. Converge Technology Solutions Corp.'s shares rose after the company said it launched a special committee to consider strategic alternatives, including a potential sale of the company.
Canada's S&P/TSX Composite Index was 0.2% higher at 20263.83 and the blue-chip S&P/TSX 60 edged up 0.2% to 1230.08.
Shares of Converge Technology Solutions were 22% higher at C$4.89 after it said post-market close on Tuesday that a committee will consider a potential sale, merger, divestiture, recapitalization and whether to continue operating as a public company, among its options.
Other market movers:
Nevgold Corp. shares fell 15% to C$0.40 after the mining exploration company said that it agreed to raise 3 million Canadian dollars (US$2.2 million) in a private placement.
NorZinc Ltd. said that a proxy advisory firm has recommended its securityholders approve the company's acquisition by RCF VI CAD LLC at a special meeting to be held Dec. 5. Its shares were trading 14% lower at C$0.03.
Pipestone Energy Corp. shares rose 1.2% at C$3.45 after the company said it received approval from the Toronto Stock Exchange to launch a buyback program to repurchase up to 5% of its issued and outstanding shares over the course of a one-year period.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
11-23-22 1214ET
