By Adriano Marchese
Toronto stocks were higher in midday trading on Thursday, rallying after a dip into the red earlier in the morning. In the session, most Canadian sectors were higher, with only health tech and consumer durables posting losses while producer manufacturing and materials were the outsized gainers. Shares in Tilray Brands Inc. rose in early trading after the company said that net revenue continued to grow in its fourth quarter and that it expects to be free cash flow-positive in fiscal 2023.
Canada’s S&P/TSX Composite Index was up 0.83% at 19415.82 and the blue-chip S&P/TSX 60 climbed 0.71% to 1173.94.
Tilray Brands Inc. shares in Toronto were 6.2% higher at C$4.44 after it said net revenue rose 8% to $153.3 million, while a non-cash impairment of $378.2 million in the period swung the company to a loss. Looking ahead, Tilray said it expects to generate between $70 million and $80 million in adjusted Ebitda and be free cash flow-positive in its operating business units in the year.
Other market movers:
Shares in AltaGas Ltd. said profit rose in its second quarter amid higher revenue, and said it is well-protected against inflationary pressures. Shares were down 1.4% at C$27.32.
Fortis Inc. said profit increased in its second quarter, and that current macroeconomic trends shouldn’t materially affect its business or finances. Shares were down 0.6% at C$60.15.
Write to Adriano Marchese at email@example.com