By Adriano Marchese
Stocks in Toronto were marginally higher in midday trading on Wednesday. In the U.S., higher-than-expected inflation remains the main theme and concern, with further interest-rate increases being considered to tame it. In Canada, sector performance was mixed, with health services and retail trade posting the biggest declines while consumer durables and energy lead the gainers. BRP Inc. shares rose after the company reported better-than-expected profit and revenue in the fiscal second quarter, and that it expects the momentum to carry into the second half.
Canada’s S&P/TSX Composite Index is up 0.58%, to 19759.54, and the blue-chip S&P/TSX 60 edged 0.56% higher, to 1193.85.
Shares of BRP Inc. were up nearly 11% at 99.09 Canadian dollars (US$75.22) after it reported adjusted earnings of C$2.94 a share, ahead of expectations of C$2.61, while revenue rose to C$2.44 billion, a quarterly record, from C$1.9 billion. Analysts expected revenue of C$2.3 billion. The company said it expects current improvements in its supply chain as well as benefits from additional production capacity to continue into the second half.
Other market movers:
CubicFarm Systems Corp. shares tumbled by more than 12%, to C$0.14, after it said it agreed to a C$6.3 million loan to support its strategy and operations.
Write to Adriano Marchese at firstname.lastname@example.org