Canadian stocks are advancing at midday

The midday update

Written by SMM Approval
February 7, 2017

Canadian stocks are advancing at midday, as gains in the Financials and Industrials sectors offset a decline in the energy sector and after economic data released this morning showed that Canada posted a second consecutive monthly trade surplus. The S&P/TSX Composite is gaining 0.3% at midday.

In corporate news, WestJet Airlines Ltd. (WJA) is falling 2.5% at midday after the company reported earnings that came in above estimates, but posted annual net income for 2016 that fell 19.6% compared to 2015. Toromont Industries Ltd. (TIH) is climbing 4.5% after the company reported earnings after yesterday’s close that were in line with expectations and announced a boost to its quarterly dividend. Shares of Asanko Gold Inc. (AKG) are falling 14% at midday. The company provided a gold mine expansion update yesterday and the stock also received a rating downgrade at Canaccord today.

Read more…