By Adriano Marchese
Toronto-listed stocks were lower mid-trading Monday, starting off the week on the back foot. Most Canadian sectors were lower, with the energy sector posting largest decline of the session as OPEC+ considers increasing production. Finance and retail were the main sectors of the few gainers in the session. Shares of Home Capital Group Inc. rose sharply after a subsidiary of Smith Financial Corp. said it would buy the company at a substantial premium.
At midday, Canada's S&P/TSX Composite Index fell by 0.83% to 19815.89 and the blue-chip S&P/TSX 60 inched lower by 0.81% to 1203.65.
Home Capital Group shares rose more than 56% to C$42.25 after Smith Financial said it will pay 44 Canadian dollars (US$32.91) for each share of the company it doesn't already own. The price is a 63% premium to Friday's closing price of C$27.05.
Other market movers:
Shares of Dentalcorp Holdings Ltd. jumped 23% to C$7.49 after it said it has set up a special committee to evaluate the viability of recent unsolicited expressions of interest as well as other potential strategic alternatives for the company.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
11-21-22 1215ET
