Toronto Stocks Edge Forward; Pan American Silver Rises on Exploration Results

Dow Jones2024-12-10

By Adriano Marchese

Toronto-listed indexes were moderately higher as investors await the Bank of Canada's decision on interest rates this week. The central bank is expected to announce a 50 basis-point cut.

Sector performance was mixed in the session, but losses in tech were the largest, followed more distantly by health services and commercial services stocks. Offsetting these were gains primarily in materials, manufacturing and health tech.

Canada's S&P/TSX Composite Index rose 0.3% to 25763.74 and the blue-chip S&P/TSX 60 advanced by 0.2% to 1544.39.

Shares of Pan American Silver traded 7.1% higher at 33.62 Canadian dollars ($23.75) after the company said recent exploration programs have discovered new deposits across its mining operations in Latin America and North America.

Other market movers:

Mullen Group plans to grow the business by 10% in 2025, something that it plans to do largely through acquisitions. Shares rose 2.3% to C$15.92.

Ballard Power Systems shares rose 9.2% to C$2.50 morning after it said it would supply train-builder Stadler US with its hydrogen fuel cell engines which will power trains in California.

VersaBank shares fell by 14% to C$21.75 after the company reported that revenue and profit fell lower than expected in the fourth fiscal quarter. The company logged one-off expenses related to its U.S. acquisition of Stearns Bank Holdingford.

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

(END) Dow Jones Newswires

December 09, 2024 12:16 ET (17:16 GMT)

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

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