By Adriano Marchese
Stocks in Toronto were modestly higher on Friday mid-trading while U.S. indexes in the session rose at a faster pace. Most Canadian sectors were higher, with only process industries deeply in the red, while commercial services, consumer durables and producer manufacturing led the gainers.
National Bank of Canada was the last of the big Canadian banks to report its second quarter earnings, and its shares rose after reporting increased profit, benefiting from higher revenue across its segments.
At midday, Canada's S&P/TSX Composite Index rose by 0.74%, to 20684.29, and the blue-chip S&P/TSX 60 was up by 0.82%, at 1251.40.
National Bank of Canada shares were up 2.9%, at 97.61 Canadian dollars (US$76.43), after reporting earnings per share rose to C$2.55 from C$2.25. Total revenues rose to C$2.44 billion from C$2.24 billion, while analysts expected C$2.36 billion.
Other market movers:
Shares in Aurora Cannabis Inc. dropped by 40%, to C$2.08, in early trading on Friday after the company announced a bought deal financing on Thursday which was later upsized to US$150 million.
Canopy Growth Corp.'s shares were down by 15%, to C$6.06, after the cannabis company reported revenue of C$111.8 million, down from C$148.4 million, missing analyst expectations of C$129.9 million. Adjusted loss before interest, taxes, depreciation and amortization widened by 30%, to C$121.8 million.
Canadian Western Bank shares fell 8.2%, to C$30.50, after the company reported a fall in second-quarter adjusted income and lower-than-expected revenue growth.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
05-27-22 1217ET
