By Adriano Marchese
Toronto-listed stocks were more or less flat in midday trading after recovering from weakness in the morning. Investors are awaiting the Canadian government's autumn economic update with Finance Minister Chrystia Freeland at 4:00 p.m. ET. In the session, consumer durables was the main laggard, offset by gains primarily in tech, energy and industrial services. Lightspeed Commerce Inc. shares fell Thursday morning after the company said foreign exchange pressures will put a squeeze on revenue in the coming quarter and in the full fiscal 2023 year.
At midday, Canada's S&P/TSX Composite Index was 0.03% higher at 19283.53 and the blue-chip S&P/TSX 60 rose by 0.04% to 1169.71.
Shares of Lightspeed Commerce Inc. were down 10% to C$22.16 after the company said it expects a hit of between $10 million to $15 million from foreign exchange to its revenue in the year ended March 31, and now forecasts revenue to be between $730 million and $740 million. Adjusted loss is also expected lower as a result of the FX pressure.
Other market movers:
Barrick Gold Corp. fell by 7% to C$18.22 after reporting a decline in third-quarter profit and revenue as better copper output offset lower gold production.
Restaurant Brands International Inc. were 2% higher at C$81.38 after it reported a better-than-expected rise in profit and revenue, benefiting from higher sales at its Tim Hortons, Burger King and Popeyes businesses.
Bombardier Inc. shares were up 6.1% to C$41.54 after it reported a profit in the third quarter compared with a loss in the prior-year period, despite missing expectations with a nearly unchanged revenue.
Power Metals Corp. shares were nearly 15% lower at C$0.20 after it said the Canadian government has ordered a Chinese stakeholder to divest itself from the company on national security grounds.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
11-03-22 1218ET
