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Toronto Stocks Nearly Flat; Payfare Rises on Significant Revenue Growth Expected for 2Q

07/20/2022 | 12:27pm EDT

By Adriano Marchese


Canadian stocks are mildly higher Wednesday mid-trading after a rollercoaster morning, settling at 20.31 points above the previous day's close. In the session, Canadian sectors were mixed, with healthcare and tech leading and materials, utilities and industrials lagging. Payfare Inc. shares rose after it said it expects to report nearly quadrupled revenue from a year ago as new users flocked to its platform in the second quarter.

At midday, Canada's S&P/TSX Composite Index was up by 0.09% at 18954.86. The blue-chip S&P/TSX 60 also was up by 0.06% at 1146.53.

Payfare shares rose 7.8% to C$4.83 after it said it expects revenue to be 33 million Canadian dollars, or roughly US$25.6 million ,in the period, a growth of 285% over the second quarter of last year.


Other market movers:

Teck Resources Ltd. shares fell 2.1% to C$34.98 after it said it has created an evenly split joint venture with Polymet Mining Corp. to advance a copper-nickel project in Minnesota. Meanwhile, Polymet shares rose by nearly 12% to C$3.95.

BlackBerry Ltd. said it has formed a strategic collaboration with business communication platform LeapXpert to allow the use of its platform in tandem with popular messaging applications. Shares were up 4% at C$8.00.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

07-20-22 1226ET

Stocks mentioned in the article
ChangeLast1st jan.
BLACKBERRY LIMITED -2.00% 6.85 Delayed Quote.-40.86%
PAYFARE INC. 7.43% 5.35 Delayed Quote.-40.50%
POLYMET MINING CORP. 7.34% 4.24 Delayed Quote.24.61%
TECK RESOURCES LIMITED 3.86% 41.66 Delayed Quote.10.10%
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