Consumer Durables News

Toronto Stocks Tick Up; BRP Slightly Better on Plans for New Boat-Manufacturing Facility in Mexico


By Adriano Marchese

 

Stocks in Toronto were modestly higher at midday on Friday. Inflation, which was at 6.3% in December, remains a focus ahead of a rate decision by the Bank of Canada next week. In the session, most sectors were pointing upward, led by process industries and health tech, while utilities, consumer non-durables and consumer durables were the only declining sectors. BRP Inc., which houses the Ski-Doo and Sea-Doo brands, said it will build a new boat-manufacturing facility in Chihuahua City, Mexico, to better tap into demand for its marine products.

Canada’s S&P/TSX Composite Index inched up 0.46% to 20435.06 and the blue-chip S&P/TSX 60 rose by 0.42% to 1230.91.

BRP Inc. said it expects to begin construction of an additional boat-manufacturing plant in Chihuahua City in early 2025 and expects to spend a capital investment of 220 million Canadian dollars (US$163.3 million) on the new project. Shares are up 0.7% at C$105.99.

 

Other market movers:

Visible Gold Mines Inc. shares were 9.1% higher at C$0.18 after the company said lithium-cesium-tantalum pegmatites were discovered on a property it has optioned with Spod Lithium Corp. in Quebec.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

January 20, 2023 12:17 ET (17:17 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.



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