By Adriano Marchese
Canadian stocks edged higher on Friday mid-trading, with the S&P/TSX Composite Index rising by 71.57 points. In the session, the energy, healthcare, and materials sectors were the leaders while tech services and producer manufacturing lagged. Shares in Magna International Inc. fell after the company set guidance for into 2024 that missed analysts' expectations on most metrics.
At midday, Canada's S&P/TSX Composite Index rose 0.32% to 21600.57. The blue-chip S&P/TSX 60 was 0.23% higher at 1310.13.
Magna International Inc. shares fell after it said total sales are expected to be between $38.8 billion and $40.4 billion in 2022, in line with consensus expectations of $39.82 billion. While in 2024, the company expects revenue to be between $44.6 billion and $47.1 billion, below expectations of $50.39 billion that year. Investors also expected more from Magna earnings in 2022, expecting net income to be $1.95 billion, beyond the upper end of its target range of $1.7 billion to $1.9 billion.
Other market movers:
Enbridge Inc. shares edged 0.9% higher after the company reported a rise in fourth-quarter profit and said that it has increased its quarterly dividend by 3%.
Shares in Cineplex Inc. fell by 2.3% to C$13.47 after it said it missed expectations despite reporting a narrower loss in the fourth quarter but said it expects continued momentum toward recovery.
Arc Resources Ltd. stock rose 2.3% to C$14.88 after the company reported better-than-expected average production in the fourth quarter and said it would allocate surplus funds to shareholder returns and debt reduction in 2022.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
02-11-22 1217ET
