By Adriano Marchese
Stocks in Toronto were higher mid-trading Monday after the S&P/TSX Composite Index posted its first weekly decline since the year began. Most Canadian sectors were higher, led by health services and consumer durables while energy and process industries were the only sectors posting declines. Shares of Dye & Durham Ltd. were down Monday morning after the company reported a wider loss in its fiscal second quarter as real-estate markets faced headwinds.
At midday, Canada's S&P/TSX Composite Index was up 0.43% to 20700.20 and the blue-chip S&P/TSX 60 climbed forward 0.44% to 1249.91.
Dye & Durham shares were 6.9% lower at 19.68 Canadian dollars ($14.74) after the company said a downturn in global real-estate transaction volumes contributed to a C$30.8 million wider loss to C$34.8 million. Revenue also fell about 3% from a year earlier to C$106.7 million, missing analyst expectations of C$115.1 million.
Other market movers:
B2Gold Corp.'s shares retreated 2.3% to C$4.72 after the company said it struck an all-stock deal to buy Sabina Gold & Silver Corp. and a large area of prospective gold developments in northern Canada for about 1.1 billion Canadian dollars (US$823.5 million). Sabina shares rose 13% to C$1.79.
Superior Gold Inc. shares were 8.3% higher at C$0.26 after the company said it's been logging sequential improvement at its Western Australian gold project, Plutonic Gold, which had previously been plagued by delays and interruptions during the pandemic, including higher rates of absenteeism and unseasonable rainfall.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
02-13-23 1219ET
