By Adriano Marchese
Toronto stocks rebounded in midday trading on Friday, recouping some of the losses from previous days. However, the market is still expected to close the week with a decline.
The S&P/TSX Composite Index of Canada rose by 1.04% to reach 20329.44. Despite the current increase, the index is on track to experience a nearly 2% decrease this week. Meanwhile, the blue-chip S&P/TSX 60 also saw an uptick of 1.09% to reach 1217.44.
During the session, technology, process industries, and consumer discretionary sectors performed well. On the other hand, health tech, consumer durables, and producer manufacturing sectors were in the red. Market activity will be paused on Monday due to the Civic Holiday long weekend in Ontario, with trading resuming on Tuesday.
TransAlta’s stock rose by 2.2% to reach 13.61 Canadian dollars a share ($10.19) following the company’s announcement of second-quarter profit. The positive results were attributed to better-than-expected revenue growth driven by lower commodity prices.
In terms of macroeconomic news, Canada’s jobless rate in July increased as hiring failed to keep up with rapid population growth.
Here are some other notable market movers:
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Enbridge reported a rise in second-quarter profit and reaffirmed its expectations for the year. Shares were up by 1% at C$48.53.
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Eupraxia Pharmaceuticals saw its shares climb by 7.5% to C$7.85 as the biotechnology company pursued funding for research and development activities, aiming to raise up to C$22 million from the sale of stock.
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Ensign Energy Services reported better-than-expected profit and revenue in the second quarter, leading to an 8.5% increase in shares, which reached C$2.68. The strong performance was driven by successful operations in the U.S.
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Kinross Gold’s shares rose by 5.4% to C$6.66 as the company renewed its buyback program with plans to purchase up to 10% of its outstanding shares.