Adriano Marchese
Toronto-listed stocks rose at noon Friday after a rocky morning. Most sectors rose in the session, led by process industries and materials. The consumer services sector lagged far behind, followed by technology services and consumer durables. Shares of Corus Entertainment Inc. fell after the company reported a loss in the fourth quarter as earnings declined.
At noon, Canada’s S&P/TSX Composite Index rose 0.57% to 18684.44 while the leading S&P/TSX 60 gained 0.66% to 1133.38.
Corus Entertainment Inc. shares fell 9.4% to C$2.02 after saying the uncertain economic environment weighed on advertising demand, exacerbated by high inflation and supply chain problems. Earnings fell 6% to C$339.6 million, while profit was C$19.9 million, compared with a loss of C$367.1 million (US$266.7 million). .
Other market movements:
Niocorp Developments Ltd.’s share price fell 4.9% to C$1.16 after it announced a wider than previously reported net loss due to accounting errors in fiscal years 2021 and 2022.
Progressive Planet Solutions Inc. shares rose 7.7% to C$0.28 after announcing the receipt of the first purchase order for a cement alternative product.
Please contact Adriano Marchese (adriano.marchese@wsj.com).
