By Adriano Marchese
Stocks in Toronto were slightly higher in mid-trading Friday. Sector performance in Canada was mixed, with gains primarily in health services, energy and industrial services stocks which offset losses largely in utilities, tech services and retail.
At midday, Canada's S&P/TSX Composite Index inched forward 0.08% to 20358.67 while the blue-chip S&P/TSX 60 was 0.01% higher at 1220.53.
Shares of Telesat and MDA both climbed after Telesat said it will use Canadian space technology company MDA as the prime contractor for its satellite constellation, Telesat Lightspeed, in a deal valued at 2.1 billion Canadian dollars, or $1.56 billion. Telesat's Toronto-listed shares were up 40% to C$15.96 while MDA's shares rose by nearly 29% to C$10.85.
Other market movers:
Air Canada shares were 1.3% higher at C$23.17 after the company reported a better-than-expected swing to profit in the second quarter as strong demand for air travel drove revenue growth, and raised the lower end of its guidance for adjusted Ebitda to now be between C$3.75 billion and C$4 billion in 2023. The airline cited anticipated traffic and yield and a continued strong demand environment.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
08-11-23 1220ET
