By Adriano Marchese
Stocks in Canada were slightly lower mid-trading Wednesday. Investor sentiment has been negative lately, made worse by a recent downgrade for the Canadian economy by the IMF, suggesting that 2023 will feel like a recession. In the session, Canadian utilities were the biggest laggards, followed by producer manufacturing and energy. These were offset by gains primarily in health services, retail and commercial services. On the M&A front, Cameco Corp. and Brookfield Renewable Partners, along with institutional partners, are planning to buy Westinghouse Electric Co.
At midday, Canada's S&P/TSX Composite Index was down 0.16% at 18187.36. The blue-chip S&P/TSX 60 also was down 0.16% at 1099.10.
Cameco and Brookfield Renewable said they are forming a strategic partnership to acquire the nuclear services business. Brookfield Renewable, with its institutional partners, will own a 51% interest in Westinghouse and Cameco will own 49%, they said. Cameco shares were down nearly 15% on the news, at C$30.34 while Brookfield Renewable was down 2.2% at C$39.26.
Other market movers:
Superior Gold Inc. shares tumbled by 36% to C$0.24 after it said it will temporarily suspend its operations in Western Australia due to lower performance in the third quarter, and it has lowered its guidance for the year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
10-12-22 1215ET
