By Adriano Marchese
Toronto-listed stocks were firmly higher on Tuesday midday trading. Investor sentiment got a boost out of China on the positive news that there have been no new cases of Covid outside of quarantine zones in Shanghai, potentially signalling that restrictions there could be easing sooner rather than later. Canadian retail was the only laggard, while tech, health services and producer manufacturing led the gainers. MAG Silver Corp. shares rose after the company said sales rose as gold and silver output increased in its first quarter.
At midday, Canada's S&P/TSX Composite Index was up 1.32% at 20473.28 and the blue-chip S&P/TSX 60 rose by 1.19% to 1240.48.
MAG Silver Corp. reported sales of $64.9 million from $10.1 million a year ago. The company made $55.9 million in the sale of silver from $11.2 million, $10.3 million in gold sales from $1.1 million.
Other market movers:
Well Told Co. shares rose 13% to C$0.05 said it would use its shares to convert 1.4 million Canadian dollars (US$1.1 million) of debt, opting for conversion rather than cash to preserve its liquidity for working capital.
TWC Enterprises Ltd. shares were 3.1% at C$19.07 after it said it agreed to sell its Laval, Quebec, property to a developer for 70 million Canadian dollars, the equivalent of $54.5 million.
Shares in First Helium Inc. rose by 8.2% to C$0.53 the company announced plans to drill two prospective helium targets at its property in Alberta later in the second quarter.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
05-17-22 1213ET
