By Adriano Marchese
In midday trading on Tuesday, stocks in Toronto showed a slight increase, bouncing back from a significant decline in the previous close. Investors eagerly anticipate Governor Tiff Macklem’s comments on the Canadian economy, housing market, and central bank rate path later in the day.
Sector Performance
Most sectors experienced upward trends during this session, with process industries, commercial services, and health technology seeing the biggest gains. Conversely, tech services, communications, and utilities were among the few sectors that witnessed declines.
Market Indices
At midday, Canada’s S&P/TSX Composite Index recorded a 0.35% increase, reaching 20,945.11. The blue-chip S&P/TSX 60 rose by 0.32% to 1,263.07.
Notable Stock Movements
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Precision Drilling: Shares of Precision Drilling climbed 9.5% to C$87.44 ($64.58) following the company’s report of increased profit in the fourth quarter. Despite a decline in revenue that was better than expected, Precision Drilling expressed optimism in higher cash generation for future debt repayments and shareholder returns.
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BriaCell Therapeutics: BriaCell Therapeutics observed a more than 10% increase in shares, reaching C$5.79, as the biotechnology company commenced manufacturing its lead candidate, Bria-Pros+, for prostate cancer treatment.
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International Petroleum: Shares of International Petroleum fell 1% to C$14.22 after the company reported financial performance in the final quarter of the previous year that fell short of expectations.
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FirstService: FirstService experienced a 3.7% decline in shares in Toronto, amounting to C$218.55, despite slightly exceeding revenue growth expectations. The company reported a decline in profit.
