Toronto-Listed Stocks Continue to Rally

by Warren Seah

By Adriano Marchese

Toronto-listed stocks showed continued resilience during mid-trading on Thursday, with market participants keeping a close eye on the recent 25 basis-point rate hike by the Bank of Canada. Analysts speculate that more hikes could be on the horizon in the coming months. At midday, most sectors were performing well, particularly tech services, tech, and commercial services. Unfortunately, health-tech, consumer durables, and consumer services were the only sectors that experienced losses.

Market Performance

Canada’s S&P/TSX Composite Index gained 0.78% to reach 20228.23, while the blue-chip S&P/TSX 60 increased by 0.91% to reach 1214.39.

Corus Entertainment Makes Strategic Sale

Shares in Corus Entertainment surged by 18%, reaching 1.61 Canadian dollars ($1.22), following the announcement of the company’s decision to sell its animation software business, Toon Boom Animation, to Integrated Media Company for C$147.5 million.

Noteworthy Market Movers

  • WELL Health Technologies witnessed an 8% rise in shares, reaching C$4.64. The digital health company is optimistic about higher revenue growth in 2023 thanks to its recent acquisition of anesthesia service provider CarePlus Management.

  • Mandalay Resources revised its guidance for the year due to supply chain issues, personnel vacancies, and lower volumes in its mine. Gold and antimony production experienced a decline compared to the same period last year, resulting in a 6.5% drop in shares, settling at C$1.87.

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