By Adriano Marchese
Canadian stocks were solidly higher Wednesday in midday trading, benefiting from strong trends among most Canadian sectors. In the session, energy, manufacturing and transportation were the main leaders while retail and process industries were among the few decliners by midday. Shopify Inc. shares rose despite posting a wider-than-expected loss in the second quarter and indicating it'll worsen in the third quarter. The stock was rallying in tandem with other tech stocks.
Canada's S&P/TSX Composite Index was up 1.04% at 19170.28 and the blue-chip S&P/TSX 60 rose by 1.00% to 1160.06.
Shopify Inc. reported a loss of 95 cents a share, compared with a profit of 69 cents a share in the comparable quarter a year ago. The loss was $1.2 billion, compared with a profit of $879.1 million a year ago. It also warned that it expects an adjusted operating loss for the second half of the year, with a peak in the third quarter. Toronto-listed shares were up 6% at C$43.13.
Other market movers:
Canadian National Railway Co. shares rose by 3.8% to C$156.36 after the company said higher fuel surcharges, an increase to freight rates and higher export volumes boosted second-quarter sales and profit.
Loblaw Cos. Ltd. shares were down by 4.1% to C$116.64 after it said uncertainty around the pandemic, industry volatility and the inflationary environment continue to exist, but that it expects to advance its growth initiatives in the year.
Cargojet Inc. shares were trading 3.1% higher at C$137.25 after the company swung to a profit as revenue rose in the second quarter.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
07-27-22 1225ET
