By Adriano Marchese
Canadian stocks were mixed on Tuesday in midday trading, after a choppy morning of dipping below previous day's close and rising again before settling near flat. In the session, process industries, tech and materials were the leaders, while commercial services, transportation and health tech lagged behind. Shares in Intertape Polymer Group Inc. soared in early trading Tuesday after the company said that it would be bought by an affiliate of Clearlake Capital Group LP for a large premium.
At midday, Canada's S&P/TSX Composite Index was up 0.21% at 21348.96. The blue-chip S&P/TSX 60 was down 0.11% at 1291.65.
Intertape Polymer shares rose 76% to C$39.30 after it said it entered into a definitive agreement with an affiliate of Clearlake Capital in which it would acquire all the outstanding shares in the company in a deal worth around US$2.6 billion.
Other market movers:
Pembina Pipeline Corp. shares rose by 1.5% to C$47.74 after it said it intends buy for cancellation up to 5% of its public float.
Shares in Transcontinental Inc. fell 6.4% to C$18.92 after reporting lower profit in its first quarter, missing analyst expectations, as pandemic-related operational disruptions and inflationary pressures weighed on the company.
Keyera Corp. shares were 1.9% higher at C$30.77 after announcing an agreement to collaborate with Shell Canada Ltd. on potential low-carbon projects in Alberta.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
03-08-22 1214ET
