Consumer Durables News

Toronto Stocks Higher Ahead of Fed Rate Decision, Aurora Cannabis Falls on Widened Loss


By Adriano Marchese

 

Canadian stocks were slightly higher while investors wait for the Federal Reserve’s decision on interest rates.

According to FactSet, the consensus indicates a 75 basis-point rate hike by the Fed, though analysts speculate the increase could be as high as 100 basis points.

At midday, Canada’s S&P/TSX Composite Index rose by 0.26% to 19418.78 and the blue-chip S&P/TSX 60 was up 0.25% to 1175.59.

In the session, Canada’s transportation, health tech and energy sectors were the outsized decliners. Tech services, consumer durables and communications posted the largest gains.

Shares in Aurora Cannabis Inc. were trading lower after the company reported a large charge in its fiscal fourth quarter widened its loss, while consumer cannabis segment weighed on revenue.

Shares in Aurora Cannabis Inc. fell by 7.5% to 1.74 Canadian dollars after it reported a noncash impairment charge of C$505.1 million, or $377.8 million, on Tuesday after markets closed, widening its loss to C$618.8 million from a loss of C$134 million a year earlier. Revenue also fell, to C$50.2 million from C$54.8 million in the prior-year quarter.

 

Other market movers:

 

Dye & Durham Ltd. said the U.K.’s financial regulator has given a penalty of 50 million pounds ($56.9 million) to its acquisition target, Link Administration Holdings Ltd., on top of a GBP306.1 million restitution payment. This has triggered Dye & Durham’s proposed offer to pay 3.81 Australian dollars ($2.55) a share instead of the original A$4.81 to cover the shortfall from the liability. Shares were up 0.6% to C$13.10.

Tidewater Renewables Ltd. appointed Ray Kwan as its new chief financial officer, and said it will receive C$2.5 million ($1.9 million) for the sale of its federal clean fuel regulation credits. Shares were trading 1.8% higher at C$11.21.

 

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

 

(END) Dow Jones Newswires

September 21, 2022 12:29 ET (16:29 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.



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