By Adriano Marchese
Stocks in Toronto started the week slightly lower Monday at midday. At noon, Canadian sectors were having a mixed performance. Losses primarily in the energy and materials sectors offset gains in process industries and technology stocks. In step with the day's declines, shares in Turquoise Hill Resources Ltd. fell after the mining company said Rio Tinto PLC's takeover offer isn't in its best interest.
Canada's S&P/TSX Composite Index was down 0.43% at 20093.61 and the blue-chip S&P/TSX 60 fell by 0.31% to 1214.20.
Turquoise Hill's Toronto-listed shares fell by 9.4% to C$30.40 after it said minority investor and partner Rio Tinto made an all-cash offer to buy the shares it doesn't hold in Turquoise Hill at a 32% premium to the last closing price before the offer was announced.
Other market movers:
Home Capital Group Inc. shares were up 10% to C$31.32 after it received an unsolicited offer for the company. The company said its board believes the proposal undervalues its intrinsic value and future growth potential.
VersaBank climbed 6.7% to C$10.14 on news that it received the green light from the Toronto Stock Exchange to buy back up to 9.54% of its public float.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
08-15-22 1213ET
