By Adriano Marchese


Canadian stocks were up midday Tuesday, rising steadily through the morning after the S&P/TSX Composite Index closed 0.5% higher on Monday. In the session, most sectors were in the green, led primarily by the materials sector, while producer manufacturing, energy and health tech were the main laggards. Shares of TransAlta Corp. rose after the company reported a swing to a profit in the third quarter, benefiting from strong energy prices and performance in its Alberta energy portfolio, and raised its earnings forecast for 2022.

At midday, Canada's S&P/TSX Composite Index was up 0.93% at 19727.62, and the blue-chip S&P/TSX 60 rose 0.88% to 1193.42.

TransAlta Corp. shares were 9% higher at C$12.85 after it reported third-quarter net earnings of 126 million Canadian dollars (US$93.4 million), or C$0.23 a share, compared with a loss of C$441 million, or C$1.68 a share, in the same period last year. Revenue rose to C$929 million from C$850 million. Additionally, TransAlta said it now expects adjusted earnings before interest, taxes, depreciation and amortization in the range of C$1.38 billion to C$1.46 billion for 2022, compared with a previous forecast of C$1.07 billion to C$1.19 billion.


Other market movers:

Shares of Pet Valu Holdings Ltd. rose 4.6% to C$38.16 after the company reported a third-quarter rise in profit that beat analyst expectations, as retail sales supported better-than-forecasted revenue growth and the company raised its 2022 outlook heading into the holiday season.

Yamana Gold Inc. has entered into an agreement to be bought by Pan American Silver Corp. and sell certain subsidiaries and partnerships to Agnico Eagle Mines Ltd. in a cash-and-stock deal with a consideration value of $4.8 billion. Yamana's shares were up 6.1% at C$6.80.

Maple Leaf Foods Inc. shares rose more than 12% to C$22.01 after stating it expects sales to grow in 2022, though the company said meeting its margin targets may be delayed until market conditions improve. In the third quarter, the Canadian consumer packaged meats company reported a swing to a loss due to a non-cash impairment in its plant protein segment.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

11-08-22 1246ET