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By Adriano Marchese
Stocks in Canada were firmly in the red midday Thursday, paring back from greater losses in the morning. In the session, materials, health services and energy were the main drags, offsetting gains in consumer durables, product manufacturing and consumer non-durables, which led at midday. Canadian Tire Corp. shares rose after the company reported better-than-expected revenue and profit in the first quarter, as well as a 25% increase to its dividend.
Canada’s S&P/TSX Composite Index was down 0.8% at 19683.03 and the blue-chip S&P/TSX 60 was 0.8% lower at 1196.87.
Canadian Tire shares rose 3.5% to C$169.98 after the retailer reported normalized earnings that rose to C$3.06, beating expectations for a fall to C$1.70, while revenue also beat expectations, increasing to C$3.84 billion to beat the C$3.43 billion expected by analysts. The company increased its dividend to C$1.625 a share.
Other market movers:
Shares of Cascades Inc. fell 19% to C$9.60 after the company swung to a loss in the first quarter, while analysts expected a profit.
Canadian insurer iA Financial Corp.’s shares fell 9.2% at C$59.60 after it reported a 13% fall in first-quarter profit, missing expectations in the period.
Quebecor Inc. fell 6.4% to C$26.32 after the company reported a rise in first-quarter profit, while revenue came in flat, as its telecommunications segment lagged.
Write to Adriano Marchese at adriano.marchese@wsj.com
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