By Adriano Marchese
Toronto-listed stocks edged higher on Wednesday as investors wait to see if the U.S. Federal Reserve will raise interest rates.
The Fed's decision carries significant implications for the Canadian economy when it comes to inflation and the strength of its currency versus the U.S. dollar. At midday, Canada's S&P/TSX Composite Index was up 0.30% to 19714.26 and the blue-chip S&P/TSX 60 was 0.27% higher at 1184.22.
Technology, materials, and distribution services companies led the advance, while health services, finance and industrial services were the main laggards.
Parkland Corp. shares were 9% higher at 31.83 Canadian dollars ($23.21) after New York-based hedge fund Engine Capital LP, which owns a minority stake, recommended the company explore strategic options including a potential sale and changes to the board.
The activist investor said Parkland should become a more focused fuel and convenience store retailer, and should also explore a sale or spinoff of non-core assets.
Other market movers:
A.G.F. Management Ltd. fell 11% to C$8.06 after they reported lower-than-expected revenue and earnings in its fiscal 2023 first quarter.
FSD Pharma Inc.'s shares, which trade on the Canadian Securities Exchange, were up 2.8% to C$2.20. The company said it received approval in Australia to proceed with trials for a potential drug to treat clinical depression.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
03-22-23 1251ET
