By Adriano Marchese
Stocks in Toronto rise mid-trading on Wednesday, with the S&P/TSX Composite Index adding 54.65 points in the session. The process industries, consumer discretionary and utilities sectors were the best performers at midday, while the materials sector was the main of the few decliners. Thinkific Labs Inc. shares were higher throughout the morning after the company announced plans to reach positive adjusted earnings by the end of 2023 by laying off employees.
Canada's S&P/TSX Composite Index was up 0.3% at 19953.51 and the blue-chip S&P/TSX 60 rose by 0.2% to 1200.68.
Shares of Thinkific Labs jumped 10% at 1.95 Canadian dollars ($1.45), coming down from an earlier high of C$2.19, after the company said late Tuesday it plans to lay off 75 people as part of its initiative to achieve positive adjusted earnings before interest, taxes, depreciation and amortization by 2023's close.
Other market movers:
Equinox Gold Corp. shares fell 6.1% to C$5.38 after the company reported a strong fourth-quarter production but fell short of meeting its own targets for the full 2022 year, which was wrought with operational challenges at its main mines in Mexico and Brazil.
West Fraser Timber Co. said late Tuesday it will indefinitely curtail its sawmill in Florida as a result of high fiber costs and softening lumber markets. The move is expected to affect 126 employees and will reduce the company's lumber production in the U.S. by 100 million board feet. Shares were up 2.8% at C$100.28.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-11-23 1229ET
