By Adriano Marchese
Stocks in Toronto ticked up midday Monday as the finance, tech services and energy sectors helped push the S&P/TSX Composite Index 54.32 points higher.
The process industries, distribution services and commercial services industries served as the main laggards.
Shares of Ritchie Bros. Auctioneers Inc. fell more than 20% to 66.99 Canadian dollars(US$49.67) after the company said it plans to buy vehicle buy-and-sell marketplace IAA Inc. in a deal worth about $7.3 billion.
Canada's S&P/TSX Composite Index was 0.3% higher at 19499.47 and the blue-chip S&P/TSX 60 rose by 0.1% to 1179.87.
Shares of Ritchie Bros. fell after it said it would pay $46.88 per IAA share, a 19% premium to IAA's closing price on Friday. Ritchie Bros. said the transaction is aimed at diversifying its customer base by providing it with a significant presence in the vehicle remarketing sector.
Other market movers:
Cronos Group Inc. shares were trading lower Monday morning after the company posted a third-quarter loss, with revenue falling shy of analyst expectations.
Shares of Samoth Oilfield Inc. soared after the company said it would merge with private oil and gas exploration company Chronos Resources Ltd., creating Lycos Energy Inc.
Summit Real Estate Holdings Ltd. shares jumped 26% to C$22.57 after it said early Monday before markets opened that it will be acquired by a joint venture between Dream Industrial Real Estate Investment Trust and GIC in a deal worth C$5.9 billion.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
11-07-22 1254ET
