By Adriano Marchese
Stocks in Toronto pared back some gains of the previous day on Wednesday mid-trading after a rocky morning, with the S&P/TSX Composite Index falling 97.83 points. The Bank of Canada lifted the policy rate to 1.5% from 1.0%, warning that inflation is heading higher and the economy is overheating and that it is willing go further to drive inflation down to its 2% target. In the session, most sectors were lower, led by process industries and consumer durables while commercial services and health tech led the few gainers. Jamieson Wellness Inc. shares rose after it said has agreed to acquire Nutrawise Health & Beauty Corp. for $210 million.
At midday, Canada’s S&P/TSX Composite Index was down 0.49% at 20627.53 and the blue-chip S&P/TSX 60 fell by 0.48% to 1248.92.
Jamieson Wellness Inc. shares were 4.4% higher at C$35.87 after it said the acquisition offers opportunities for future growth synergies as it leverages its product portfolio, operational capabilities and global footprint to accelerate the expansion of Nutrawise’s brand, youtheory, across new categories and channels.
Other market movers:
Laurentian Bank of Canada shares rose by 7.7% to C$41.58 after the company reported better-than-expected earnings and revenue in the second quarter.
BlackBerry Ltd.’s Toronto-listed shares fell 4.7% to C$7.26 after it said it is exploring alternative options to the $600 million non-core patent asset sale it had agreed to with Catapult IP Innovations.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
June 01, 2022 12:22 ET (16:22 GMT)
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Read More: Toronto Stocks Edge Lower; Jamieson Wellness Rises on Acquisition in U.S.