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By Adriano Marchese
Stocks in Toronto were slightly higher at midday Friday. In the session, process industries and consumer durables were the biggest laggards, offset by gains led by the tech, materials and health tech sectors. On the telecommunications front, Corus Entertainment Inc. shares fell after reporting lower-than-expected first-quarter profit as lower revenue from advertising weighed on performance.
Canada’s S&P/TSX Composite Index was up 0.38% to 20288.70 and the blue-chip S&P/TSX 60 rose by 0.47% to 1221.69.
Corus Entertainment shares were down more than 15% at 1.91 Canadian dollars ($1.43) after reporting net income of C$31.4 million, or C$0.16 a share, for the three months ended Nov. 30. This was below the prior-year period’s C$76.2 million, or C$0.36 cents a share, and lower than analyst forecasts of C$0.25 a share. Revenue fell to C$431.2 million from C$463.9 million, largely due to a lagging advertising dollars.
Other market movers:
Cogeco Communications Inc. shares fell 9% to C$74.30 after the company said late Thursday that fewer customers, more competition and the general economic climate would stifle revenue and earnings growth rates in fiscal 2023.
Write to Adriano Marchese at adriano.marchese@wsj.com
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