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By Adriano Marchese
Stocks in Toronto were mildly lower in midday trading Wednesday after spending the morning coming down from their opening high. In the session, consumer durables and process industries were the outsized laggards, while health technology stocks posted the biggest gains. Canadian banks continued with their fourth-quarter earnings, with Royal Bank of Canada nearly reporting nearly flat earnings while National Bank of Canada saw a decline in profit as provisions for credit losses were increased.
At midday, Canada’s S&P/TSX Composite Index slipped 0.2% to 20227.87 and the blue-chip S&P/TSX 60 edged 0.3% lower to 1226.67.
Royal Bank of Canada shares were down 1.1% at C$132.26 after the bank reported net income of 3.88 billion Canadian dollars ($2.86 billion) for the three months ended Oct. 31, compared with C$3.89 billion in the prior-year period. Per-share earnings of C$2.74 were higher than last year’s C$2.68 and ahead of expectations of C$2.65.
Shares of National Bank of Canada were down 4.2% to C$94.33 after it reported a decline in net income to 738 million Canadian dollars ($543.4 million), or C$2.08 a share, from C$769 million, or C$2.17 a share, in the prior-year period. The bank recorded C$87 million in provisions for credit losses, compared with C$41 million in recoveries of credit losses last year, which it blamed on less favorable macroeconomic conditions.
Other market movers:
Guardian Capital Group Ltd. shares were up 32% to C$38.00 following news the company is selling three of its businesses to Canadian financial service cooperative Desjardins Group.
Greenlane Renewables Inc. shares were up 7.8% to C$0.55 after it announced a new $3.5 million contract for a dairy renewable natural gas project in the western U.S.
Very Good Food Co. shares were trading 15% higher at C$0.20 after it said its lender won’t take any action for letting its cash coverage ratio fall, which sent it into default.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
11-30-22 1219ET
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