Toronto Stocks Rise; Cenovus Falls With Sector after 4Q Widened Loss

By Adriano Marchese

Canadian stocks rose modestly Tuesday in midday-trading with only the energy sector posting major losses in the session. Transportation, consumer non-durables and materials were leading the gainers. In step with the energy sector, Cenovus Energy Inc. shares fell after the company reported a widened loss in the fourth quarter despite nearly doubling output.

At midday, Canada's S&P/TSX Composite Index was up 0.59% at 21359.90. The blue-chip S&P/TSX 60 rose 0.57% to 1298.70.

Calgary-based Cenovus Energy Inc. shares fell 5.4% to C$18.49 after it said loss per share widened to 21 Canadian cents (17 U.S. cents), compared with a loss of C$0.12 in the comparable quarter a year earlier. Total upstream production averaged 825,300 barrels of oil equivalent a day, up from 467,200 barrels a day, beating expectations of 809,500 barrels a day.

Other market movers:

Thomson Reuters Corp. shares fell 3% to C$129.16 after reporting a swing-to-loss in the fourth quarter, with loss per share reaching 36 cents, compared with a profit of $1.13 a share a year earlier.

Shares in TMX Group Ltd. rose 2.7% to C$126.17 after the increased its quarterly dividend and reported revenue and earnings beat analyst expectations in the fourth quarter.

Bragg Gaming Group Inc. shares jumped 17% to C$7.99 after it said it forecasts a multi-year period of growth as momentum from a strong 2021 is expected to continue.

Shares in Enthusiast Gaming Holdings Inc. were 19% higher at C$3.51 after the company said it sees higher revenue in the fourth quarter, which will contribute to stronger revenue in the full year.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

02-08-22 1214ET