By Adriano Marchese
Stocks in Toronto rebounded from Monday's slight decline, bucking the trend from U.S. indexes, which were trending lower.
Sector performance Tuesday in Canada was mixed. Losses largely in materials, commercial services and tech services stocks were offset by gains predominantly in process industries, industrial services and consumer durables.
Canada's S&P/TSX Composite Index rose by 0.2% to 22828.44 and the blue-chip S&P/TSX 60 rose by 0.3% to 1364.46.
Tilray Brands shares were trading 9.3% higher in Toronto at 2.81 Canadian dollars ($2.03). Acquisitions in the alcohol and cannabis space helped narrow losses and grow revenue above expectations in the fourth quarter.
Other market movers:
Shares of Bank of Montreal were 3.5% lower at C$115.13 after an RBC Capital Markets report suggested a deterioration in its credit quality appears to be happening at a faster pace than for its U.S. peers. RBC downgraded the rating on the stock to sector perform from outperform despite BMO carrying a similar loan mix to its U.S. peers. The target price was also lowered to C$118 from C$124.
George Weston reported higher revenue on the back of stronger performance from Loblaw and Choice Properties in the second quarter. Shares rose 1.3% to C$214.63.
Shares of Secure Energy Services were higher by 6.9% to C$12.25 after the company said it had repurchased and cancelled nearly 40 million shares in the second quarter, reducing its float by 13.6%.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
07-30-24 1232ET
