By Adriano Marchese
Stocks in Toronto were firmly lower mid-trading on Friday, in step with U.S. indexes weighed down by negative corporate news mainly from FedEx Corp. and General Electric Co., according to FactSet.
Most Canadian sectors were down at midday, led by process industries, transportation and consumer durables, while only consumer services and materials were posting gains. Dye & Durham Ltd. shares were lower after its revenue and adjusted earnings growth expectations for the fourth quarter of the fiscal year fell short of analyst expectations.
Canada's S&P/TSX Composite Index was down 1.19%, at 19328.31, and the blue-chip S&P/TSX 60 fell by 1.12%, to 1168.65.
Dye & Durham Ltd. shares were 3.7% lower at 12.64 Canadian dollars (US$9.56) after it said it expects revenue for the fourth quarter to be at around C$129 million, a 53% increase over the prior-year period, while analysts expected C$134 million. Adjusted earnings before interest, taxes, depreciation and amortization is forecast to rise about 53%, to C$75 million, while analysts expected slightly higher growth, to C$76.2 million.
Other market movers:
Agnico-Eagle Mines Ltd. shares were 1.6% higher, at C$55.16, after it said that it would subscribe for a 50% interest in a Mexican mine belonging to a subsidiary of Teck Resources Ltd. for $580 million in shares, creating a new joint venture.
One of Turquoise Hill Resources Ltd.'s largest shareholders, Pentwater Capital Management LP, has been buying more shares in the company days after a court dismissed all its claims against the Canadian miner. Turquoise Hill's Toronto-listed shares were down 1.9%, at C$40.23.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
09-16-22 1220ET
