Toronto Stocks Advance; Magna International Falls on Lower 1Q Profit

Dow Jones05-04

By Adriano Marchese

Indexes in Toronto were higher mid-trading on Friday, in lock step with global markets.

Activity in Canada's services industry remained weak last in March at 49.3, though the pace of contraction softened thanks to stable new business and a slight rise in employment.

Most sectors were in positive territory, led by health services, tech and utilities. Distribution services, tech services and retail stocks were the main decliners of the session.

At midday, Canada's S&P/TSX Composite Index rose by 0.4%, to 21917.79, and the blue-chip S&P/TSX 60 was 0.5% higher, at 1313.91.

Shares in Magna International fell by 3.2%, to 64.12 Canadian dollars (US$46.89), after reporting lower profit as costs and impairments weigh on performance in the first quarter.

Other market movers:

TransAlta's shares rose by 4.7%, to C$9.66, on the back of stronger-than-expected earnings and the prospect that share buybacks would continue.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 03, 2024 12:11 ET (16:11 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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