Canadian Market Modestly Higher; Spin Master Rises 7%
(RTTNews) - The Canadian market is up in positive territory Wednesday afternoon, led by gains in communications, consumer discretionary, financials and utilities sectors.
The mood, however, remains cautious with investors awaiting crucial U.S. inflation.
The benchmark S&P/TSX Composite Index is up 87 points or 0.45% at 19,588.20.
Communications shares Cogeco Communications (CCA.TO) and Quebecor Inc (QBR.B.TO) are up 5% and 2.4%, respectively.
Consumer discretionary stock Spin Master Corp (TOY.TO) is climbing nearly 7%. The company said it has agreed to buy U.S.-based toy maker Melissa & Doug for $950 million in cash.
MTY Food Group Inc. (MTY.TO) shares are down more than 4% despite reporting higher earnings. The company reported third-quarter net income of $38.9 million or $1.59 per diluted share, compared to $22.4 million, or $0.92 per diluted share in the third quarter of the previous financial year.
Utilities shares Fortis Inc (FTS.TO), Algonquin Power and Utilities Corp (AQN.TO), Innergex Renewables (INE.TO), Hydro One (H.TO), Transalta Renewables (RNW.TO) and Altagas (ALA.TO) are up 1 to 1.6%.
In the financials sector, Sun Life Financial (SLF.TO), Fairfax Financial Holdings (FFH.TO), Manulife Financial (MFC.TO) and Toronto-Dominion Bank (TD.TO) are up 1 to 1.5%.
On the economic front, data from Statistics Canada showed the total value of building permits in Canada rose by 3.4% from a month earlier to $11.9 billion in August 2023, rebounding from an upwardly revised 3.8% drop in the prior month.
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