SURGE ENERGY INC.

SGY
Delayed Quote. Delayed  - 05/20 04:00:00 pm
10.02CAD -1.38%

Toronto Stocks Climb; Surge Energy Shares Rise on Dividend, Buyback Plans

01/17/2022 | 12:36pm

By Adriano Marchese


Stocks in Toronto are firmly in green territory on Monday midday while U.S. markets are closed for Martin Luther King Jr. Day. In the session, most sectors were up, led by health tech and distribution services, while the process industries sector is the main laggard. Shares in Surge Energy Inc. rose on news that it plans to reinstate its dividend and that it will evaluate the potential for share buybacks.

Canada's S&P/TSX Composite Index was up 0.80% at 21528.98. The blue-chip S&P/TSX 60 was also ahead, rising 0.85% at 1311.35.

Surge Energy Inc. said it will first reduce its short-term debt with the long-term C$130 million debt facility announced in early December, before looking to resume its shareholder returns-focused business model. Shares rose by 6.1% to C$6.64.


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


(END) Dow Jones Newswires

01-17-22 1235ET

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