Toronto Stocks Advance; Algonquin Power Plans to Nominate Two to Board

By Adriano Marchese

Toronto stocks were higher on Friday, but were on track for a 0.2% weekly decline, according to FactSet.

Sector performance was mixed, with declines mostly in tech, distribution services and health services offset by gains in communications, health tech and commercial services.

At midday, Canada's S&P/TSX Composite Index was 0.5% higher, at 21824.50, and the blue-chip S&P/TSX 60 advanced by 0.6%, to 1308.06.

Algonquin Power plans to add two new directors to its board: Brett Carter, a former executive at Xcel Energy, and Christopher Lopez, a departing executive from Hydro One. The move was arranged through a cooperation agreement whereby investor Starboard Value, which holds 9% stake in the company, has withdrawn its own nominations for election and agreed to support the company's nominees at the annual meeting. Shares are up 1.4%, to 8.16 Canadian dollars (US$5.93).

Other market movers:

Shopify's target rating was upgraded to overweight from equal-weight by Morgan Stanley. Analyst Keith Weiss says that investor expectations have over corrected for margin concerns while commentary points to a modest headcount expansion in 2024, which he says still leaves room for further realization of operating leverage and free cash flow growth in the business. Shares are up by 0.4%, at C$96.21, coming down from an earlier high of C$98.50.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

04-19-24 1220ET