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By Adriano Marchese
Toronto-listed stocks were higher midday Friday after a rocky morning, on track to post a weekly gain despite a pullback earlier in the week. In the session, most sectors were posting gains, led by process industries and materials. The consumer services sector was the outsized laggard, followed by technology services and consumer durables. Shares of Corus Entertainment Inc. fell after the company reported a swing-to-a-loss in its fiscal fourth quarter as revenue fell in the period.
At midday, Canada’s S&P/TSX Composite Index was up 0.57% at 18684.44, and the blue-chip S&P/TSX 60 rose by 0.66% to 1133.38.
Corus Entertainment Inc. shares fell by 9.4% to C$2.02 after it said demand for advertising has been weighed down by the uncertain economic environment and made worse by high inflation and supply-chain issues. It reported a loss of 367.1 million Canadian dollars (US$266.7 million), compared with a profit of C$19.9 million while revenue fell by 6% to C$339.6 million.
Other market movers:
Niocorp Developments Ltd. shares slid 4.9% to C$1.16 after it said its net loss was wider than it had previously reported due to accounting errors in fiscal 2021 and 2022.
Shares of Progressive Planet Solutions Inc. were 7.7% higher at C$0.28 after it said that it has received an initial purchase order for its cement alternative products.
Write to Adriano Marchese at adriano.marchese@wsj.com
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