Consumer Durables News

Toronto Stocks Inch Up; Mullen Group Falls as Macro Headwinds Weigh

By Adriano Marchese

Stocks in Toronto were slightly higher on Monday, mid-trading, while U.S. markets are closed for Martin Luther King day. Most sectors were trending higher, led by tech services, consumer durables and health services, while consumer services, materials and transpiration were the main of few laggards. Shares of Mullen Group Ltd. were lower after it said that results in 2023 won’t match the previous year’s but that it still expects a good year.

At midday, Canada’s S&P/TSX Composite Index was up 0.26% at 20412.69 and the blue-chip S&P/TSX 60 rose by 0.27% to 1229.87.

Mullen Group Ltd. forecasts revenue of 2 billion Canadian dollars in 2023, the equivalent of US$1.49 billion, generating operating income before depreciation and amortization of C$300 million. The company said it won’t be able to replicate its higher results seen in 2022 as customers rein in their spending and global trade slows down. Shares were down 7.2% to C$14.48.

Other market movers:

Mandalay Resources Corp. shares were 5.7% higher at C$2.80 after it announced plans to launch a share repurchase program to buy back up to 5% of its common shares over the course of a one-year period.

Cogeco Inc. intends buy back up to 2.3% of its public float of subordinate shares over one year, starting on Jan. 18. Shares were down 3.4% to C$59.34.

Write to Adriano Marchese at

(END) Dow Jones Newswires

01-16-23 1223ET

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