By Adriano Marchese
Toronto stocks were trending lower in mid-trading Monday, in line with most global markets. Most sectors in Canada were lower, with tech services, consumer durables and materials the outsized decliners while process industries and utilities were the only gainers. Shares of AltaGas Ltd. rose after the company said it plans to increase its capital returns to shareholders in 2023, benefiting from higher expected profit growth backed by continued strong commodity prices.
Canada's S&P/TSX Composite Index was down 0.83% to 20316.68 and the blue-chip S&P/TSX 60 fell by 0.79% to 1229.31.
AltaGas Ltd. said it expects normalized earnings, an adjusted metric, to rise to between 1.85 Canadian dollars ($1.37) and C$2.05 a share next year. It also said returns of capital to investors will come by way of a 6% increase in the yearly dividend, bringing the annual cash payment to C$1.12 a share.
Other market movers:
Minerva Intelligence Inc. shares were 50% higher at C$0.03 after the company said it plans to sell its geology division to Bentley Systems Inc.'s Seequent subsurface business and turn its full attention to the company's climate-risk platform.
Shares of Mimi's Rock Corp. fell over 11% to C$0.16 after it announced plans to sell itself to U.S.-based FitLife Brands Inc. in a deal with an enterprise value of C$27.2 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
12-05-22 1214ET
