Stocks in Toronto Down at Midday
by Adriano Marchese
Stocks in Toronto experienced a moderate decline at midday on Tuesday, following the Labor Day holiday weekend. The focus has shifted to Wednesday's central bank decision on interest rates, with most economists predicting a pause in hikes, according to FactSet.
Market Performance
In the session, the energy, process industries, and consumer durables sectors saw the most gains. However, these gains were offset by declines in the materials, health tech, and consumer discretionary sectors.
The S&P/TSX Composite Index, Canada's main stock index, fell by 0.46% to 20,450.07. Similarly, the blue-chip S&P/TSX 60 declined by 0.45% to 1,226.13.
ABC Technologies Holdings Acquisition
Shares of ABC Technologies Holdings saw a significant jump of 11% to 6.68 Canadian dollars ($4.91) after the automotive systems and components manufacturer announced its acquisition. A conglomerate of entities will be acquiring ABC Technologies Holdings and taking the company private at a price of C$6.75 a share.
Other Market Updates
- NextSource Materials: Shares of NextSource Materials rose by 5.8% to C$1.64 after the battery materials development company revealed progress towards a supply deal with Posco International. Additionally, there is a potential investment opportunity from the South Korean trading company.
- TFI International: The transportation and logistics company acquired Vedder Transportation Group, expanding its business portfolio by adding an operator of liquid and dry bulk food-grade tanker trucks. Despite this development, shares were down 2% to C$183.24.
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